The Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Monday.
At close, the currency settled at 278.64, a loss of Re0.10 against the US dollar.
During the previous week, the rupee depreciated marginally as it lost Re0.04 or 0.01% against the US dollar.
The local unit closed at 278.54 against 278.50 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some positive indicators and approval from the International Monetary Fund’s (IMF) Executive Board over a new $7-billion Extended Fund Facility (EFF).
Globally, the US dollar climbed to a two-week top against the euro on Monday as traders pared bets for aggressive policy easing by the Federal Reserve with the focus now moving to a crucial U.S. jobs report at the end of this week.
The dollar advanced to its strongest since Aug. 21 on the yen, buoyed by a rise in long-term Treasury yields to the highest since mid-August after a closely watched measure of U.S. inflation held steady, reducing the imperative for the Fed to cut interest rates by a super-sized 50 basis points (bps) on Sept. 18.
The dollar index measure against major peers edged up to 101.79 early in the Asian day, a level last seen on Aug. 20.
Economists surveyed by Reuters expect the addition of 165,000 jobs in August, rising from a 114,000 increase in the prior month, and that the unemployment rate ticked lower to 4.2%.
Oil prices, a key indicator of currency parity, extended losses on Monday on expectations of higher OPEC+ production from October while signs of sluggish demand in China and the United States raised concerns about future consumption growth.
Brent crude futures were down 21 cents, or 0.3%, at $76.72 a barrel by 0815 GMT while US West Texas Intermediate crude slipped 14 cents, or 0.2%, to $73.41.
Brent and WTI had lost 1.4% and 3.1% respectively on Friday.
Inter-bank market rates for dollar on Monday
BID Rs 278.64
OFFER Rs 278.84
Open-market movement
In the open market, the PKR lost 2 paise for buying and remained unchanged for selling against USD, closing at 278.97 and 279.75, respectively.
Against Euro, the PKR gained 61 paise for buying and 52 paise for selling, closing at 307.15 and 308.52, respectively.
Against UAE Dirham, the PKR lost 6 paise for buying and remained unchanged for selling, closing at 75.85 and 76.16, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and remained unchanged for selling, closing at 74.10 and 74.36, respectively.
Open-market rates for dollar on Monday
BID Rs 278.97
OFFER Rs 279.75
Comments
Comments are closed.