12th successive gain: rupee settles at 292.78 against US dollar

The Pakistani rupee continued to appreciate for the 12th successive session against the US dollar, gaining 0.38% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee settled at 292.78 after an increase of Rs1.1 in the inter-bank market.

On Wednesday, the rupee had appreciated 0.35% to settle at 293.88.

The rupee has been on a merry run in recent days after hitting a record low of 307.1 in the inter-bank market on September 5.

The change in fortune comes as State Bank of Pakistan (SBP) introduced structural reforms in the Exchange Companies’ (ECs) sector and administrative measures taken by the authorities to curb currency smuggling and hoarding.

Globally, the US dollar hit fresh peaks on Thursday, sitting around its highest against the yen since November after a hawkish pause by the US Federal Reserve.

The Fed met market expectations at its monetary policy meeting on Wednesday, holding interest rates steady at the 5.25% - 5.50% range.

The US central bank, however, stiffened a hawkish monetary policy stance that its officials increasingly believe can succeed in lowering inflation without wrecking the economy or leading to large job losses.

The dollar index, which measures the currency against a basket of rivals, rose as high as 105.59 on Thursday, its strongest since March 9. The index climbed for its ninth straight week last week, its longest winning streak in nearly a decade as resilient US growth fueled a rebound in the dollar.

Oil prices, a key indicator of currency parity, fell on Thursday, after posting the largest decline in a month in the previous session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.

Inter-bank market rates for dollar on Thursday

BID Rs 292.75

OFFER Rs 292.95

Open-market movement

In the open market, the PKR gained 1.00 rupee for both buying and selling against USD, closing at 293.00 and 296.00, respectively.

Against Euro, the PKR gained 2.00 rupees for both buying and selling, closing at 315.00 and 318.00, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 82.00 and 82.80, respectively.

Against Saudi Riyal, the PKR gained 60 paisa for buying and 50 paisa for selling, closing at 78.20 and 79.00, respectively.

Open-market rates for dollar on Thursday

BID Rs 293.00

OFFER Rs 296.00