The fourth successive session sees currency appreciate, ends at 285.79 versus dollar
For the fourth consecutive session, Pakistani rupee gained against the US dollar to appreciate by 0.06% in the interbank market on Tuesday.
According to SBP, the rupee closed at Ks 285.79 gaining about one paisa.
The rupee registered gain on Monday closing at 285.97 per one US dollar.
As it relates to that, FDIs in Pakistan for the period January-April FY13 increased by 07%, according to the State Bank of Pakistan announcement on Monday.
In summary, the country received FDI worth $525 million for the months of July to October, 2024 while it recorded $490 million during the same months of the previous financial year, FY 23 resulting into $35 million surplus.
On Tuesday, the US dollar lost its new record low against the European currency and the Japanese yen among others as China supported the yuan growth and its influence prompted broader dollar weakness before the Fed’s meeting minute.
The dollar index fell for seven out of eight previous sessions. For instance, the market dropped off its 200 day movement average yesterday, dropping by 103.2 dollars on Tuesday, which reached a two months decline last month.
The risk of a US hike in December and then the beginning of next year has been priced almost out of markets; while market now implying about a 25 percent ease-on from March.
A speech by the European Central Bank president and Feds minutes will be the high point of the day ahead.
On tuesday oil prices as a crucial indicator of currency parity went down reversing a sharp rise that took place since last two days as investors became jittery before the next week OPEC+ conference where the producer group could announce prolonged supply cuts triggered by slowing world economy.
Brent crude futures dropped 51 cents, 0.6%, to $81.81 a barrel at 0746 GMT while US WTI crude futures stood at $77.32 per barrel, down 51 cents,
Dollars interbank market rates as of Thursday
BID Rs 285.80
OFFER Rs 286.00
Open-Market Movement
The exchange rate in the open market had moved up by 0.25 pesos per unit for selling as well as purchasing purposes reaching a final of 2.8425 and 2.8725 respectively.
The last day showed an added one rupee per buying and sales position of PKR against Euro, closing at 308.00 and 311.00, respectively .
The PKR traded 50 paise higher on buying and 40 paise more on selling against UAE Dirham; it closed at 77.50 and 78.30 respectively.
On buying basis and selling position the PKR made 30 paisa against Saudi Riyal while closing at 75.50 and 76.30 respectively.
This is the dollar’s open market rate on Tuesday.
BID Rs 284.25
OFFER Rs 287.25
Raja Arslan