Rupee marginally weakens against US dollar
- Currency settles at 277.79 against the greenback in inter-bank market
The Pakistani rupee ended marginally weaker against the US dollar, depreciating 0.02% in the inter-bank market on Thursday.
At close, the currency settled at 277.79, a loss of Re0.07 against the greenback.
On Wednesday, the rupee had settled at 277.72, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar traded near a two-month peak against major peers on Thursday as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing, even as a key inflation report loomed later in the day.
The dollar index, which measures the currency against six key rivals, was steady after climbing to the highest since Aug. 16 overnight, as traders further pared bets for US interest rate cuts this year in the wake of last week’s unexpectedly strong payrolls data.
The dollar index was little changed at 102.86 as of 0024 GMT, sticking close to Wednesday’s high of 102.93. The greenback eased 0.18% to 149.035 yen, but was not far from the overnight peak of 146.365.
Oil prices, a key indicator of currency parity, edged higher on Thursday, underpinned by a spike in fuel demand as a major storm barrelled into Florida, with Middle East supply risks also in focus. Brent crude futures rose 58 cents, or 0.8%, to $77.16 a barrel by 0847 GMT.
US West Texas Intermediate (WTI) futures were up 61 cents, or 0.8%, at $73.85.
In the United States, the world’s largest oil producer and consumer, Hurricane Milton made landfall in Florida, where about a quarter of fuel stations sold out of gasoline, helping to support crude prices.
Inter-bank market rates for dollar on Thursday
BID Rs 277.79
OFFER Rs 277.99
Open-market movement
In the open market, the PKR gained 7 paise for buying and 2 paise for selling against USD, closing at 278.10 and 279.59, respectively.
Against Euro, the PKR gained 61 paise for buying and 56 paise for selling, closing at 302.28 and 305.10, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.37 and 76.06, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying but declined 1 paisa for selling, closing at 73.51 and 74.18, respectively.
Open-market rates for dollar on Wednesday
BID Rs 278.10
OFFER Rs 279.59
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