RECORDER REPORT
KARACHI: After witnessing marginal improvement in the opening hours of trading, Pakistan’s rupee ended the session with a loss of 0.08% against the US dollar in the inter-bank market on Tuesday.
As per the State Bank of Pakistan (SBP), the rupee closed at 225.12 after a fall of Re0.18. The rupee has depreciated by 21.6% against the US dollar during the ongoing calendar year.
On Monday, the rupee ended unchanged against the US dollar to settle at 224.94 in the inter-bank market.
In a key development, Economic Affairs Division (EAD) data showed that the government has borrowed $5.114 billion from multiple financing sources, including $1.166 billion from the International Monetary Fund (IMF), during the first five months (July-November) of 2022-23 compared to $4.699 billion borrowed during the same period of last fiscal year.
Pakistan continues to rely on external sources to meet its liquidity needs, as the country struggles in the face of depleting foreign exchange reserves, which have dropped to a four-year low.
Internationally, the yen surged against the dollar on Tuesday after the Bank of Japan said it would review its yield curve control policy and widened the trading band for the 10-year government bond yield in an unexpected tweak.
The US dollar index sank though, dropping 0.31% to 104.30, bringing it back to the middle of its trading range this month of 103.44-105.90. The index measures the greenback against the yen and five other major peers, including the euro and sterling.
Oil prices, a key indicator of currency parity, edged up on Tuesday, inched higher on Tuesday, supported by a softer dollar and a US plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China.
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 231.70 and 234, respectively.
Against Euro, the PKR remained unchanged for both buying and selling, closing at 256 and 258 respectively.
Against UAE Dirham, the PKR lost 20 paisas for buying and 30 paisas for selling, closing at 67.70 and 68.30, respectively.
Against Saudi Riyal, the PKR lost 20 paisas for both buying and selling, closing at 64.50 and 65, respectively.
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Open Bid Rs 231.70
Open Offer Rs 234.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
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Open Bid Rs 225.15
Open Offer Rs 226.15
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RUPEE IN LAHORE: The Pak rupee improved marginally Tuesday after showing resisting at the outset of fresh trading week against the greenback.
According to the local currency dealers, the Pak rupee gained marginally against the greenback, closing at Rs231.70 against the previous closing of Rs232.00. However, there was no change on selling side and closed at Rs234.00, like the previous day.
Meanwhile, the rupee also sustained its value against the pound sterling on the buying counters and closed at the previous day level of Rs293.00 and gained on the selling side to close at Rs295.90 against Rs297.95, respectively, they added.
Market sources said the political uncertainty in the country led to a dismal trading activity throughout the day.
Copyright Business Recorder, 2022
