Rupee sees 16th consecutive session of appreciation, settles at 288.75 against US dollar
- Local currency has gained 6.4% since it hit a record low of 307.1 in inter-bank market on Sept 5
The Pakistani rupee maintained its positive momentum against the US dollar, gaining 0.36% in the inter-bank market on Wednesday. This is the rupee’s 16th consecutive increase against the greenback.
As per the State Bank of Pakistan (SBP), the rupee settled at 288.75 after an increase of Rs1.05 in the inter-bank market.
On Tuesday, the rupee had appreciated 0.37% to settle at 289.80.
The rupee has maintained its upward trajectory in recent days and recovered over 6% since hitting a record low of 307.1 against the US dollar in the inter-bank market on September 5.
Globally, the US dollar traded near a 10-month high against its major peers on Wednesday as Treasury yields stayed elevated on the prospect of higher-for-longer US rates, while the yen stumbled towards a closely-watched intervention zone.
Fed officials have in recent days flagged the possibility that the central bank would need to raise interest rates further after it kept rates steady last week but stiffened its hawkish monetary policy stance.
That has sent US Treasury yields scaling multi-year highs as money markets adjust their expectations of where US rates could peak, and for monetary conditions to remain tighter for longer than initially thought.
The US dollar index last stood at 106.20, having peaked at a 10-month high of 106.26 in the previous session, while the euro languished near Tuesday’s six-month low and last bought $1.0569.
Oil prices, a key indicator of currency parity, rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a “soft landing” for the US economy.
Inter-bank market rates for dollar on Wednesday
BID Rs 288.75
OFFER Rs 288.95
Open-market movement
In the open market, the PKR gained 1.00 rupee for both buying and selling against USD, closing at 287.00 and 290.00, respectively.
Against Euro, the PKR gained 3.00 rupees for both buying and selling, closing at 306.00 and 309.00, respectively.
Against UAE Dirham, the PKR gained 30 paisa for both buying and selling, closing at 80.70 and 81.50, respectively.
Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 76.30 and 77.00, respectively.
Open-market rates for dollar on Wednesday
BID Rs 287.00
OFFER Rs 290.00
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