The Pakistani rupee remained unchanged against the US dollar in the inter-bank market on Monday.
At close, the local unit settled at 279.36 against the greenback, as per the State Bank of Pakistan (SBP).
During the previous week, the rupee declined marginally against the US dollar as it depreciated Re0.08 or 0.02% in the inter-bank market to settle at 279.36.
The local unit snapped its 13-week long appreciation run amid lack of positive triggers on both the political and economic fronts.
During the week ended on Feb 9, 2024, SBP’s reserves increased by $13 million to reach $8.057 billion up from $8.044 billion. However, net foreign reserves held by commercial banks surged by $39 million to $5.093 billion end of last week compared to $5.054 billion a week earlier.
Globally, the US dollar was steady on Monday after data last week showing US inflation remained sticky cast doubts on when the Federal Reserve would start its easing cycle, while the yen remained rooted near the psychologically key 150 per dollar level.
US markets are closed on Monday for the Presidents’ Day holiday, with volumes likely to be low through the day.
The dollar index, which measures the US currency against six major rivals, started the week down 0.058% at 104.14 after clocking five straight weeks of gains. The index is up 3% this year.
Oil prices, a key indicator of currency parity, dipped on festering demand concerns and profit-taking prompted by last week’s gains as conflict in the Middle East showed no signs of easing.
Brent crude futures were down 78 cents, or 0.9%, at $82.69 a barrel by 1030 GMT.
The March contract for US West Texas Intermediate (WTI) crude, which expires on Tuesday, was down 33 cents, or 0.4%, at $78.86 in tepid trade.
The WTI April contract was down 72 cents, or 0.9%, at $77.74.
Front-month Brent and WTI futures last week gained about 1.5% and 3% respectively, reflecting increasing risk of Middle East conflict widening.
Inter-bank market rates for dollar on Monday
BID Rs 279.36
OFFER Rs 279.56
Open-market movement
In the open market, the PKR lost 24.00 paisa for buying and 23.00 paisa for selling against USD, closing at 279.57 and 282.16, respectively.
Against Euro, the PKR lost 38.00 paisa for buying and 34.00 paisa for selling, closing at 300.23 and 303.09, respectively.
Against UAE Dirham, the PKR gained 3.00 paisa for buying and lost 1.00 paisa for selling, closing at 76.06 and 76.81, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 1.00 paisa for selling, closing at 74.25 and 74.94, respectively.
Open-market rates for dollar on Monday
BID Rs 279.57
OFFER Rs 282.16