Rupee registers marginal gain against US dollar

The rupee registered a marginal gain against the US dollar, closing near the 208 level in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the local currency settled at 207.91, an appreciation of eight paisas or 0.04%, against the greenback.

On Wednesday, the rupee had closed at 207.99, a depreciation of Rs1.05 or 0.50%, against the US dollar.

Rupee falls again, closes near 208 against US dollar

The currency has been under pressure for months as Pakistan desperately seeks revival of its International Monetary Fund (IMF) bailout programme.

While it has made progress, delay in resumption of the programme has put the rupee under pressure.

Market experts said activity on Thursday, however, remained dull on account of SBP’s Monetary Policy Committee (MPC) announcement.

“Activity was also dull prior to long Eid-ul-Azha holidays,” Saad Hashmey, Executive Director at BMA Capital, told Business Recorder.

Hashmey added that the recent decrease in oil prices bodes well for Pakistan and the currency.

"A $5 per barrel decline in oil prices translates to a $1 billion decline in Pakistan’s import bill on an annualised basis,” he said. "This would have a positive impact on the rupee and market valuations. Moreover, the prices of edible oil have also declined in the international market, which would help curb the import bill."

Inter-bank market rates for dollar on Thursday

BID Rs 207.70

OFFER Rs 207.90

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 207.50 and 209.50, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 211 and 213, respectively.

Against UAE Dirham, the PKR lost 30 paisas for both buying and selling, closing at 56.30 and 56.80, respectively.

Against Saudi Riyal, the PKR gained 30 paisas for buying while remaining unchanged for selling, closing at 54.50 and 54.90, respectively.

Open-market rates for dollar on Thursday

BID Rs 207.50

OFFER Rs 209.50