AGL 38.02 Increased By ▲ 0.08 (0.21%)
AIRLINK 197.36 Increased By ▲ 3.45 (1.78%)
BOP 9.54 Increased By ▲ 0.22 (2.36%)
CNERGY 5.91 Increased By ▲ 0.07 (1.2%)
DCL 8.82 Increased By ▲ 0.14 (1.61%)
DFML 35.74 Decreased By ▼ -0.72 (-1.97%)
DGKC 96.86 Increased By ▲ 4.32 (4.67%)
FCCL 35.25 Increased By ▲ 1.28 (3.77%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.17 Increased By ▲ 0.42 (3.29%)
HUBC 127.55 Increased By ▲ 6.94 (5.75%)
HUMNL 13.50 Decreased By ▼ -0.10 (-0.74%)
KEL 5.32 Increased By ▲ 0.10 (1.92%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 44.70 Increased By ▲ 2.59 (6.15%)
NBP 61.42 Increased By ▲ 1.61 (2.69%)
OGDC 214.67 Increased By ▲ 3.50 (1.66%)
PAEL 38.79 Increased By ▲ 1.21 (3.22%)
PIBTL 8.25 Increased By ▲ 0.18 (2.23%)
PPL 193.08 Increased By ▲ 2.76 (1.45%)
PRL 38.66 Increased By ▲ 0.49 (1.28%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 103.60 Increased By ▲ 5.66 (5.78%)
TELE 8.30 Increased By ▲ 0.08 (0.97%)
TOMCL 35.00 Decreased By ▼ -0.03 (-0.09%)
TPLP 13.30 Decreased By ▼ -0.25 (-1.85%)
TREET 22.16 Decreased By ▼ -0.57 (-2.51%)
TRG 55.59 Increased By ▲ 2.72 (5.14%)
UNITY 32.97 Increased By ▲ 0.01 (0.03%)
WTL 1.60 Increased By ▲ 0.08 (5.26%)
BR100 11,727 Increased By 342.7 (3.01%)
BR30 36,377 Increased By 1165.1 (3.31%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)

The Pakistani rupee was unable to maintain its momentum against the US dollar and depreciated 0.13% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee settled at 283.58, a loss of Re0.38. With the latest decline, the rupee has lost over 20.2% of its value against the greenback during this calendar year.

During the previous week, when the inter-bank market was only open for three days, the rupee had lost 0.53% against the US dollar to settle at 283.2. A significant decline on Monday was followed by two days of appreciation on Tuesday and Wednesday that trimmed losses, but fundamental reasons for the rupee’s weaker position remained.

The market is still concerned about a stalled programme with the International Monetary Fund (IMF) together with reports that the staff-level agreement was still a bit further away.

In a key development, Finance Minister Ishaq Dar on Sunday said that “friendly” countries were expected to materialise their commitments with Pakistan that would pave the way to close the deal with the IMF and revive the economy.

Moreover, the SBP on Friday announced the removal of Cash Margin Requirement (CMR) on the import of goods.

Analysts said that the step has been taken to resume the IMF programme and get the loan tranche of $1.2 billion to build the central bank’s foreign exchange reserves, which currently stand at $4.6 billion.

Globally, the US dollar was firm on Monday as investors assessed moves made by authorities and regulators to rein in worries over the global banking system.

Global banking stocks have been battered through the month in the wake of the sudden collapse of two US lenders and the rescue of embattled Swiss bank Credit Suisse (CSGN.S) last week, with authorities stepping in to ease investors’ nerves.

The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained 0.5% on Friday amid banking jitters.

Oil prices, a key indicator of currency parity, stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe.

Inter-bank market rates for dollar on Monday

BID Rs 283.55

OFFER Rs 285.55

Open-market movement

In the open market, the PKR lost 50 paisa for both buying and selling against USD, closing at 283.50 and 286.50, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 302 and 305 respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 77.20 and 77.90, respectively.

Against Saudi Riyal, the PKR lost 80 paisa for both buying and selling, closing at 75.80 and 76.50, respectively.

Open-market rates for dollar on Monday

BID Rs 283.50

OFFER Rs 286.50

Comments

Comments are closed.

Yousaf Hyat Mar 27, 2023 01:20pm
Without exports dollar will continue to rise , Ridiculous taxes cause capital flight ..without stopping capital flight inflation cannot be controlled.. thus the situation we are in . Get an economist to run the show not a marasii…” musician “.!!
thumb_up Recommended (0)
bonce richard Mar 27, 2023 08:46pm
@Yousaf Hyat , Our govt is very worse than Marasi. At least they know how to run the country. The present regime back by a corrupted army not knowing how to deal with IMF.
thumb_up Recommended (0)