RECORDER REPORT
KARACHI: The Pakistani rupee continued its upward momentum against the US dollar, appreciating 0.38% in the inter-bank market on Thursday.
As per the State Bank of Pakistan (SBP), the currency closed at 264.38 against the US dollar, an increase of Re1. The currency has depreciated by 22.4% during the ongoing fiscal year against the greenback.
The Pakistani rupee had maintained its upward momentum against the US dollar on Wednesday, settling at 265.38 against the US dollar, an appreciation of Rs1.96 or 0.74%.
In a key development, Federal Minister for Finance and Revenue Ishaq Dar introduced the Finance (Supplementary) Bill, 2023, announcing various amendments that feature taxation measures of Rs170 billion (approximately $640 million), as Islamabad moves to convince the International Monetary Fund (IMF) to revive its bailout programme.
Later, the government also increased the price of petrol by Rs22.20 per litre, taking it to Rs272 with effect from February 16. It also announced an increase in the price of high-speed diesel by Rs17.20 per litre, taking it to Rs280.
The hike in petrol prices was attributed to rupee’s depreciation against the US dollar in recent weeks, said the government.
Internationally, the US dollar stalled on Thursday as investors scooped up higher-risk currencies after a run of strong US economic data reinforced confidence in the global growth outlook, even though the Federal Reserve looks set to raise interest rates further.
Data from the US Commerce Department showed on Wednesday that retail sales in the United States rebounded sharply in January after two straight monthly declines, driven by purchases of big-ticket items like motor vehicles and other goods.
That came just a day after US inflation figures showed consumer prices slowing, but still sticky.
The US dollar index fell 0.1% to 103.67, after touching a six-week high of 104.11 the previous day.
Oil prices, a key indicator of currency parity, rose on Thursday as hopes of a robust fuel demand recovery in top oil consumer China offset losses arising from strength in the greenback and a large build in US crude inventory.
Open-market movement
In the open market, the PKR gained 50 paisa for buying and selling against USD, closing at 265 and 268, respectively.
Against Euro, the PKR lost 50 paisa for buying and selling, closing at 280.50 and 283.50 respectively.
Against UAE Dirham, the PKR gained 70 paisa for buying and 60 paisa for selling, closing at 73 and 73.70, respectively.
Against Saudi Riyal, the PKR gained 50 paisa for buying and 40 paisa for selling, closing at 70 and 70.70, respectively.
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Open Bid Rs 265.00
Open Offer Rs 268.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday
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Open Bid Rs 264.35
Open Offer Rs 266.35
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RUPEE IN LAHORE: Pakistani rupee kept upward momentum and gained against the US dollar on Thursday, a day after the government rolled out hefty taxes for the revival of stalled IMF bailout package.
The local currency continued its upward trajectory in the last couple of days against the US dollar. It previously lost its value by a staggering amount, touching an all-time low of Rs280 against the US dollar. The rupee however gains momentum back of late as the government introduced the Finance (Supplementary) Bill, 2023, adding taxes of around Rs170 billion in a last bid to lure the global lender.
According to local market currency dealers, the rupee sustained its previous trend against the international currencies and gained against dollar for buying and selling at Rs264.50 and Rs267.00 against the previous close of Rs265.00 and Rs267.50, respectively.
Similarly, the national currency recovered impressively against the pound sterling at Rs315.00 and Rs318.00 against previous close of Rs317.00 and Rs320.00 respectively, they added.
Copyright Business Recorder, 2023
