RECORDER REPORT
KARACHI: Pakistan’s rupee registered a marginal loss for the third consecutive session against the US dollar on Wednesday, as the currency recorded a depreciation of 0.02% in the inter-bank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 224.16 after a decrease of Re0.05. The rupee has depreciated by 21.25% against the US dollar during the ongoing calendar year.
On Tuesday, the rupee had registered losses against the US dollar to settle at 224.11 after a decrease of Re0.20 or 0.09%.
In a key development on Tuesday, the Finance Division rejected reports of supposed economic emergency proposals circulating on social media, categorically stating it has no such plans.
The Finance Division in its message said the reports are "unfortunately aimed at creating uncertainty about the economic situation in the country".
Globally, the dollar crept higher on Wednesday as top executives from the biggest US banks warned of an impending recession, which dampened risk appetite and kept the greenback supported.
Top bankers from JPMorgan Chase & Co, Bank of America and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year, as inflation threatens consumer demand.
Against a basket of currencies, the US dollar index was last 0.05% higher at 105.60.
It had risen nearly 0.3% overnight, extending a brief rally for a second straight session after upbeat US services and factory data released at the start of the week pointed to underlying momentum in the world’s largest economy.
Oil prices, a key indicator of currency parity, fell in a volatile market on Tuesday as the US dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China.
Open-market movement
In the open market, the PKR lost 46 paisas for buying and 50 paisas for selling against USD, closing at 229.71 and 232, respectively.
Against Euro, the PKR gained 50 paisas for both buying and selling, closing at 249 and 251 respectively.
Against UAE Dirham, the PKR gained 20 paisas for both buying and selling, closing at 65.30 and 65.80, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 63.20 and 63.70, respectively.
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Open Bid Rs 229.71
Open Offer Rs 232.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
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Open Bid Rs 224.25
Open Offer Rs 225.25
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RUPEE IN LAHORE: The Pak rupee depreciated its worth versus major currencies including the greenback and the British pound in the local currency market on Wednesday.
According to the local currency dealers, the short supply phenomenon of the greenback continued to prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 230.00 and Rs 232.00 against the overnight close of Rs 229.50 and Rs 231.50, respectively.
Similarly, the national currency also followed suit in relation to the pound sterling that was bought and sold at Rs 288.00 and Rs 290.00 against Tuesday’s close of Rs 287.50 and Rs 289.50, respectively, they added.
Copyright Business Recorder, 2022
