Rupee inches higher, settles at 277.48 against US dollar
- Currency appreciates 0.39% in inter-bank market
The Pakistani rupee strengthened further against the US dollar, appreciating 0.39% in the inter-bank market on Wednesday.
At close, the currency settled at 277.48, an increase of Rs1.09, as per the State Bank of Pakistan (SBP).
On Tuesday, the Pakistani rupee staged a recovery, climbing 0.44% to settle at 278.57 in the inter-bank market.
The International Monetary Fund’s (IMF) Executive Board was also scheduled to consider the 9-month Stand-By Arrangement (SBA) of $3 billion for Pakistan after the currency market closed.
Globally, the US dollar sank to a two-month low against its major peers on Wednesday in the lead-up to a key US inflation reading, while sterling scaled a 15-month top on expectations the Bank of England (BoE) has further to go in raising rates.
US inflation data is due later on Wednesday, with expectations core consumer prices rose 5% on an annual basis in June.
Ahead of the release, the US dollar fell to a two-month low of 101.45 against a basket of currencies, extending its losses from the start of the week after Fed officials said the central bank was nearing the end of its current monetary policy tightening cycle.
Oil prices, a key indicator of currency parity, crept higher on Wednesday in a market caught between expectations supply cuts by the world’s biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand.
Inter-bank market rates for dollar on Wednesday
BID Rs 277.30
OFFER Rs 277.60
Open-market movement
In the open market, the PKR gained 1.00 rupee for both buying and selling, against USD, closing at 278.00 and 281.00, respectively.
Against Euro, the PKR remained unchanged for both buying and selling, closing at 302.00 and 305.00 respectively.
Against UAE Dirham, the PKR gained 1.00 rupee for buying and 1.10 rupee for selling, closing at 75.50 and 76.20, respectively.
Against Saudi Riyal, the PKR gained 80 paisa for both buying and selling, closing at 72.70 and 73.40, respectively.
Open-market rates for dollar on Wednesday
BID Rs 278.00
OFFER Rs 281.00
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