6th straight loss: rupee settles at 286.81 against US dollar

Pakistani rupee recorded a sixth straight loss against the US dollar, as it depreciated 0.58% on Friday.

At close, the currency settled at 286.81, a decrease of Rs1.66, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee registered losses against the US dollar for the fifth successive session, depreciating 0.47% to settle at 285.15 in the inter-bank market.

Meanwhile, as expected, foreign exchange reserves held by the SBP surged $4.2 billion, clocking in at nearly $8.73 billion as of July 14, data released on Thursday showed.

“During the week ended July 14, 2023, SBP received $2.0 billion from the Kingdom of Saudi Arabia, $1.2 billion from the International Monetary Fund (IMF), and $1.0 billion from the United Arab Emirates (UAE),” the SBP said in a statement.

Total liquid foreign reserves held by the country stood at $14.07 billion.

Globally, the US dollar was steady on Friday as data pointed to US labour market resilience that could lead the Federal Reserve to keep interest rates higher for longer, while the yen strengthened after Japan’s core consumer inflation re-accelerated in June.

Central bank meetings from Europe, Japan and the United States are due next week, with investors parsing through data to better gauge monetary policy paths they will likely chart.

Against a basket of currencies, the dollar rose 0.03% at 100.78, after gaining 0.5%. The index is on course for a 1% gain in the week.

Oil prices, a key indicator of currency parity, rose in Asian trading on Friday, as markets assessed the prospect of economic stimulus in China after weak economic data, falling inventories in the US and supply cuts from key producers.

Inter-bank market rates for dollar on Friday

BID Rs 286.70

OFFER Rs 286.90

Open-market movement

In the open market, the PKR lost 1.50 rupee for both buying and selling against USD, closing at 288.00 and 291.00, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 320.00 and 323.00, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 79.30 and 80.00, respectively.

Against Saudi Riyal, the PKR lost 20 paisa for both buying and selling, closing at 76.70 and 77.50, respectively.

Open-market rates for dollar on Friday

BID Rs 288.00

OFFER Rs 291.00