Karachi: Rupee sustained loss against dollar, settling with depreciation of 0.19 percent during trading session. According to State Bank of Pakistan (SBP), domestic unit closed at 283.92, decrease of 0.53 paisa. It had appreciated during early hours of trading but failed to sustain its gain.

Rupee remained largely stable against dollar on Wednesday, settling at 283.39 in inter-bank market, which opened after five-day gap owing to Eid holidays.

Market participants continue to await resumption of International Monetary Fund Extended Fund Facility which has been stalled since last year. Globally, hovered near one-year low versus euro on Thursday, as Europe’s resilient economy contrasted with banking contagion risks in United States, debt ceiling standoff and potential recession.

Dollar index which measures greenback against six major peers, with euro most heavily weighted was little changed at 101.41, following 0.42 percent slide, when it touched near two-week low of 101.00.

US capital goods spending fell more than expected in latest data overnight, adding to jitters about downturn.

Published in The Daily National Courier, April, 28 2023

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