The Rupee ends the week with a slight drop, stands at 218.43 against the US Dollar – Markets
The Pakistani Rupee depreciated against the US Dollar and saw a marginal decline of 0.23% in the interbank market in the final session of the week.
According to the State Bank of Pakistan (SBP), the rupee closed at 218.43 after depreciating by 0.05 Re or 0.02%. The Rupee has appreciated cumulatively by Rs21.27 or 9.7% over the past fifteen trading sessions.
On Thursday, the Rupee plunged against the US Dollar and closed at 218.38 after registering a marginal decline of Re 0.50 or 0.23% in the interbank market.
After recovering throughout the current month, helped by a change in sentiment following the appointment of Ishaq Dar as finance minister and central bank action against institutions involved in speculation monetary policy, the rupee is showing signs of stability against the US dollar.
Talk to company registrarShahab Farooq, director of research at Next Capital, said that in the short term there was not much pressure on the local currency.
“Funds are expected to be released in the coming weeks, while flood-related remittances are also expected to improve,” he said.
Internationally, the dollar took a breather on Friday after a volatile overnight session as searing US inflation numbers pointed to a more aggressive rise in interest rates.
The dollar index was little changed after falling 0.5% in the previous session as investors digested data showing US consumer prices rose more than expected in September.
Oil prices, a key determinant of the currency peg, were flat on Friday as support from a sharp cut to the OPEC+ supply target and a weaker dollar was countered by recession fears. world and weak oil demand in China.
Interbank market rate for the dollar on Friday
OFFER Rs 218.50
OFFER Rs 219.50
open market movement
In the open market, the PKR lost 4 rupees buying and selling against the USD, closing at 224 and 226 respectively.
Against the euro, the PKR lost one rupee on the buy and sell side, closing at 222 and 224 respectively.
Against the UAE dirham, the PKR lost one rupee long and short, closing at 62 and 62.50 respectively.
Against the Saudi riyal, the PKR lost one rupee on the purchase and 90 paisa on the sale, closing at 60.30 and 60.80 respectively.
Free market rate for the dollar on Friday
OFFER Rs 224
OFFER Rs 226