RECORDER REPORT
KARACHI: Pakistan’s rupee registered a marginal loss against the US dollar for the 13th straight session, depreciating 0.01% in the inter-bank market on Friday.
As per the State Bank of Pakistan (SBP), the rupee declined by Re0.02 to close at 227.14.
On Thursday, the rupee depreciated against the US dollar for the twelfth successive session to settle at 227.12 after a decline of Re0.17 or 0.07%.
In a key development, foreign exchange reserves held by the SBP fell another $245 million to a highly critical level of $5.58 billion, data released on Thursday showed.
This is the lowest level of SBP-held reserves since April 2014.
Dwindling FX reserves have left policymakers in Pakistan scrambling to arrange funds amid heightened worries over the country’s debt payments and ability to finance imports.
Internationally, the dollar held near an almost one-month high on Friday, after US economic data highlighted a still-tight labour market that could keep the Federal Reserve on its aggressive rate hike path.
The number of Americans filing new claims for jobless benefits dropped to a three-month low last week while layoffs fell 43% in December, data on Thursday showed.
A separate report also revealed that private employment increased by 235,000 jobs last month, far exceeding expectations for a 150,000 increase.
Against a basket of currencies, the US dollar index jumped 0.9% to a nearly one-month peak of 105.27 overnight.
Oil prices, a key indicator of currency parity, edged higher on Friday on hopes of a Chinese demand boost, but the broader global economic outlook kept crude benchmarks on course for a weekly decline.
Open-market movement
In the open market, the PKR lost 50 paisas for both buying and selling against USD, closing at 234.25 and 236.50, respectively.
Against Euro, the PKR remained unchanged for buying while gaining 50 paisas for selling, closing at 265.50 and 267 respectively.
Against UAE Dirham, the PKR gained 20 paisas for buying and 30 paisas for selling, closing at 68.50 and 69, respectively.
Against Saudi Riyal, the PKR gained 10 paisas for both buying and selling, closing at 66.60 and 67.10, respectively.
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Open Bid Rs 234.25
Open Offer Rs 236.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 227.15
Open Offer Rs 228.15
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on the buying side while it depreciated its worth on the selling side in relation to the greenback in the open currency market on Friday.
According to the local currency dealers, the greenback firmly closed at its previous close for buying at Rs 235.00 while it gained 50 paisas for selling, closing at Rs 236.50 against Rs 236.00, respectively.
On the contrary, the rupee snapped its losing streak as it appreciated its worth against the pound sterling. The pound’s buying and selling rates slid from Thursday’s close of Rs 299.50 and Rs 302.00 to Rs 297.50 and Rs 299.50, respectively, they added.
Copyright Business Recorder, 2023
