Rupee falters, settles at 277.59 against US dollar
- Currency falls 0.41% in inter-bank market
After three consecutive gains, the Pakistani rupee registered losses against the US dollar, depreciating 0.41% on Friday.
At close, the currency settled at 277.59, a decrease of Rs1.13, as per the State Bank of Pakistan (SBP).
On Thursday, the rupee registered a gain against the US dollar, inching up 0.37% to settle at 276.46 in the inter-bank market.
In a key development, the International Monetary Fund (IMF) deposited $1.2 billion into the State Bank of Pakistan (SBP), announced Finance Minister Ishaq Dar on Thursday, giving another much-needed boost to the economy reeling from dollar shortage and runaway inflation.
Globally, the US dollar hovered at 15-month lows on Friday after a steep dive overnight, as markets wagered the Federal Reserve was close to the end of its rate hike cycle due to easing inflation.
The dollar index, which measures the US currency against six major rivals, stood at 99.71 in early Asian hours, its lowest since April 2022. The index is on course for its worst week since November.
US producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, data showed on Thursday, a day after consumer prices rose modestly last month as evidence mounts that the world’s largest economy had entered a phase of easing inflation.
Oil prices, a key indicator of currency parity, hovered above $81 a barrel on Friday, with bullish sentiment over US demand bolstered by supply disruption in Libya and Nigeria.
Inter-bank market rates for dollar on Friday
BID Rs 277.40
OFFER Rs 277.70
Open-market movement
In the open market, the PKR lost 4.00 rupees for both buying and selling, against USD, closing at 281.00 and 284.00, respectively.
Against Euro, the PKR lost 9.00 rupees for both buying and selling, closing at 311.00 and 314.00 respectively.
Against UAE Dirham, the PKR lost 80 paisa for both buying and selling, closing at 76.80 and 77.50, respectively.
Against Saudi Riyal, the PKR lost 1.20 rupee for buying and 1.30 rupee for selling, closing at 73.70 and 74.50, respectively.
Open-market rates for dollar on Friday
BID Rs 281.00
OFFER Rs 284.00
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