Rupee’s slide continues, settles at 285.62 against US dollar
- Currency depreciates 0.08% in inter-bank market
The Pakistani rupee sustained losses for the second consecutive session against the US dollar, depreciating 0.08% in the inter-bank market on Thursday.
At close, the currency settled at 285.62, a loss of Re0.22 as per the State Bank of Pakistan (SBP).
The decline comes after the rupee sustained losses against the US dollar on Wednesday as well, closing at 285.40 against the US dollar in the inter-bank market.
In a key development, Minister of State for Finance Aisha Ghaus Pasha on Wednesday reiterated that the way forward for the country is to remain in the International Monetary Fund (IMF) programme and the Finance Division and the Federal Board of Revenue (FBR) are constantly engaged with the Fund.
She said that the government has made considerable progress with respect to the IMF programme and does not want to detract.
Experts say resumption of the IMF programme, which remains stalled since last year, is crucial for the debt-ridden economy.
Globally, the US dollar held near a seven-week peak on Thursday, after President Joe Biden and top US congressional Republican Kevin McCarthy worked towards avoiding a damaging debt default, while the Aussie dollar slipped after disappointing jobs data.
Biden and McCarthy on Wednesday underscored their determination to strike a deal soon to raise the government’s $31.4 trillion debt ceiling, having agreed a day earlier to negotiate directly after a months-long standoff.
Against a basket of currencies, the dollar index firmed near its seven-week peak hit in the previous session, and last stood at 102.86.
Oil prices, a key indicator of currency parity, eased on Thursday as traders warily watched for signs of progress on talks to raise the US debt ceiling, after surging in the previous session on optimism over US fuel demand.
Inter-bank market rates for dollar on Thursday
BID Rs 285.60
OFFER Rs 285.80
Open-market movement
In the open market, the PKR gained 70 paisa for both buying and selling against USD, closing at 296.00 and 299.00, respectively.
Against Euro, the PKR remained unchanged for both buying and selling, closing at 321 and 324 respectively.
Against UAE Dirham, the PKR gained 80 paisa for both buying and selling, closing at 80.70 and 81.50, respectively.
Against Saudi Riyal, the PKR gained 60 paisa for both buying and selling, closing at 78.70 and 79.40, respectively.
Open-market rates for dollar on Thursday
BID Rs 296.00
OFFER Rs 299.00
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