Inter-bank: rupee secures marginal gain against US dollar

The Pakistani rupee maintained its upward trajectory against the US dollar for the eighth successive session as it appreciated a marginal 0.01% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee settled at 284.12 after an increase of Re0.02.

On Wednesday, the rupee registered a marginal gain to settle at 284.14 against the US dollar.

In a key development, the Ministry of Finance is all set to share the list of banks involved in illegal business relating to LCs and speculation in the foreign currency market with the Special Investment Facilitation Council (SIFC) today (Thursday) (December 7).

Globally, the US dollar was steady on Thursday ahead of crucial payroll data later this week.

The US dollar has found its footing this month after a 3% drop in November as traders ramped up rate-cut bets for other central banks.

The dollar index, which measures the US currency against six rivals, was little changed at 104.12, having risen 0.17% overnight. The index is up 0.9% this week, on course for its strongest weekly performance since July.

Data on Wednesday showed US private payrolls increased less than expected in November, in yet another sign that the labour market is gradually cooling.

Investor focus will be on Friday’s non-farm payrolls data for a clearer picture of the labour market.

Oil prices, a key indicator of currency parity, reclaimed some ground on Thursday after tumbling to a six-month low the previous day but investors remained concerned about sluggish demand in the United States and China.

Brent crude futures were up 76 cents, or 1%, to $75.06 a barrel at 0924 GMT. US West Texas Intermediate crude futures was up 67 cents, also 1%, to $70.05 a barrel.

Inter-bank market rates for dollar on Thursday

BID                            Rs 284.10

OFFER                      Rs 284.30

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 282.00 and 285.00, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 303.00 and 306.00, respectively.

Against UAE Dirham, the PKR gained 10 paisa for both buying and selling, closing at 77.00 and 77.70, respectively.

Against Saudi Riyal, the PKR gained 10 paisa for both buying and selling, closing at 75.00 and 75.70, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 282.00

OFFER                      Rs 285.00