RECORDER REPORT
KARACHI: The Pakistani rupee registered a marginal improvement against the US dollar, appreciating 0.04% in the inter-bank market on Thursday.
At close, the currency settled at 277.74, a gain of Re0.11 against the greenback.
On Wednesday, the rupee had settled at 277.85, according to the State Bank of Pakistan (SBP).
Globally, the US dollar stood at a one-year high against major peers on Thursday and headed for a fifth straight daily gain fuelled by higher yields and Donald Trump’s election victory.
The greenback climbed above 156 yen for the first time since July.
Higher trade tariffs and tighter immigration under the incoming Trump administration are projected to fuel inflation, potentially slowing the Federal Reserve’s rate cutting cycle longer term.
Expectations for deeper deficit spending are lifting Treasury yields, providing the dollar with additional support.
Cryptocurrency bitcoin also shot to a fresh record high of $93,480 overnight, and was rising back towards that level in Asia’s day.
The US dollar index, which measures the currency against six top counterparts including the euro and yen, added 0.2% to 106.69, its highest since early November 2023.
The dollar had dipped briefly on Wednesday after a measure of US consumer inflation met economists’ forecasts, keeping the Fed on track to reduce rates at their meeting in December.
Oil prices, a key indicator of currency parity, slipped in early trade on Thursday, reversing most of the previous session’s gains on a stronger dollar and worries of higher global output amid slow demand growth forecasts.
Brent crude futures fell 45 cents, or 0.6%, to $71.83 a barrel by 0726 GMT. US West Texas Intermediate crude (WTI) futures declined 48 cents, or 0.7%, to $67.95.
Open-market movement
In the open market, the PKR gained 6 paise for both buying and selling against USD, closing at 276.96 and 278.74, respectively.
Against Euro, the PKR gained 2.44 rupees for buying and 2.43 rupees for selling, closing at 290.24 and 293.01, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 75.27 and 75.96, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 73.52 and 74.16, respectively.
========================
Open Bid Rs 276.96
Open Offer Rs 278.74
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday
========================
Open Bid Rs 277.74
Open Offer Rs 277.94
========================
RUPEE IN LAHORE: The Pak rupee marginally lost against the US dollar while gaining substantially against the British pound.
According to local market sources, the Pak rupee closed at Rs 277.00 and Rs 278.80 against the US dollar against the previous closing of Rs 276.50 and Rs 278.50, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 348.75 and Rs 352.20 against the previous closing of Rs 351.45 and Rs 354.95, respectively.
Copyright Business Recorder, 2024
