Inter-bank: Rupee sustains stability in value against dollar

Business Nov, 20 2023
Inter-bank: Rupee sustains stability in value against dollar
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Karachi: Rupee maintained its upward trajectory against dollar for third consecutive session, as it appreciated 0.19 percent in inter-bank market. As per State Bank of Pakistan, domestic unit settled at 285.97, an increase of 0.53 paisa.

During day, currency dealers said that rupee was being quoted at 287.50 for selling and 284.50 for buying purposes for customers in open market. During previous week, rupee lost 25 paisa for both buying and selling against dollar in open market, closing at 285.25 and 288.25, respectively, according to data provided by Exchange Companies Association of Pakistan.

During previous week, rupee had finally snapped its losing streak as it closed week 0.18 percent or 0.53 paisa higher to settle at 286.50 in inter-bank market against dollar.

Domestic unit had rebounded from 4-week losses, helped by announcement of staff-level agreement between Pakistan and International Monetary Fund on first review of $ 3 billion Stand-by Arrangement.

Internationally, dollar slid to two-month low on Monday, extending its downtrend from last week as traders reaffirmed their belief that US rates have peaked and turned their attention to when Federal Reserve could begin cutting rates.

Dollar index in Asia trade bottomed at 103.64, its weakest level since September 1, extending its nearly 2 percent decline from last week-sharpest weekly fall since July.

Oil prices, key indicator of currency parity edged higher on Monday, extending gains on prospect of OPEC+ deepening supply cuts to shore up prices that have fallen for four weeks on demand concerns and Middle East supply disruption owing to Israel-Hamas conflict.

Published in The Daily National Courier, November, 21 2023

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