Rupee unchanged against US dollar

The rupee remained unchanged against the US dollar in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee closed at 279.67 against the greenback.

On Wednesday, the rupee registered a gain as it settled at 279.67 against the US dollar, according to the SBP.

In a key development, Caretaker Prime Minister Anwaar-ul-Haq Kakar directed the Ministry of Energy to prepare and submit a comprehensive and sustainable plan after consultation with the Finance Ministry to reduce the circular debt of power and gas sectors.

Globally, the US dollar was broadly steady near a six-week high on Thursday, as investors await GDP and other data this week to gauge where US rates are headed, while the euro was soft ahead of the European Central Bank’s policy meeting later in the day.

Data overnight showed US business activity picked up in January and inflation appeared to abate, with a measure of prices charged by companies for their products falling to the lowest level in more than 3-1/2 years.

The dollar index, which measures the US currency against six rivals, rose 0.06% to 103.33 after dropping 0.2% on Tuesday as traders consolidated their positions ahead of the Federal Reserve’s policy meeting next week.

Oil prices, a key indicator of currency parity, rose on Thursday after data showed US crude stockpiles fell more than expected last week, while the Chinese central bank’s cut in banks’ reserve ratio reinforced hopes of more stimulus measures and economic recovery.

Brent crude futures were up 41 cents, or 0.5%, to $80.45 a barrel at 0730 GMT, while US West Texas Intermediate crude was up 44 cents, or 0.6%, to $75.53 a barrel.

Inter-bank market rates for dollar on Thursday

BID                            Rs 279.67

OFFER                      Rs 279.87

Open-market movement

In the open market, the PKR lost 8.00 paisa for buying and 8.00 paisa for selling against USD, closing at 278.89 and 280.94, respectively.

Against Euro, the PKR lost 10.00 paisa for buying and gained 2.00 paisa for selling, closing at 303.33 and 306.06, respectively.

Against UAE Dirham, the PKR lost 2.00 paisa for buying and 3.00 paisa for selling, closing at 76.18 and 76.89, respectively.

Against Saudi Riyal, the PKR lost 4.00 paisa for buying and 2.00 paisa for selling, closing at 74.40 and 75.03, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 278.89

OFFER                      Rs 280.94