Rupee weakens further, settles at 288.49 against US dollar
- Currency depreciate 0.31% in inter-bank market
The Pakistani rupee weakened further against the US dollar with a depreciation of 0.31% in the inter-bank market on Friday.
At close, the currency settled at 288.49, a decrease of Re0.89, as per the State Bank of Pakistan (SBP).
On Thursday, the Pakistani rupee weakened marginally against the US dollar and depreciated 0.05% to settle at 287.60.
In a key development, inflow of home remittances fell sharply, i.e., over 19.3% during the first month of this fiscal year, mainly due to volatility in the exchange market.
According to the SBP, the country received workers’ remittances amounting to $2.027 billion in July 2023 compared to $2.511 billion in July 2022, a decline of $484 million.
Internationally, the US dollar was steady on Friday as traders wagered that the Federal Reserve’s rate hike cycle could be over after data showed US consumer prices increased moderately in July, though a senior Fed official cautioned against taking a premature view.
Overnight, data showed the US consumer price index rose 0.2% last month, matching the gain in June, with the CPI climbing 3.2% in the 12 months through July.
The dollar index, which measures the US currency against six rivals, eased 0.088% at 102.53 after some volatile trading overnight following the CPI report.
Oil price, a key indicator of currency parity, was largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China.
Inter-bank market rates for dollar on Friday
BID Rs 288.45
OFFER Rs 288.65
Open-market movement
In the open market, the PKR lost 1.25 rupee for both buying and selling against USD, closing at 293.00 and 296.00, respectively.
Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 321.00 and 324.00, respectively.
Against UAE Dirham, the PKR lost 20 paisa for both buying and selling, closing at 81.70 and 82.50, respectively.
Against Saudi Riyal, the PKR lost 90 paisa for buying and 95 paisa for selling, closing at 78.50 and 79.25, respectively.
Open-market rates for dollar on Friday
BID Rs 293.00
OFFER Rs 296.00
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