Rupee settles at 283.55 versus dollar

Business Mar, 29 2023
Rupee settles at 283.55 versus dollar
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Karachi: Rupee remained relatively unchanged against dollar, appreciating 0.01 percent in inter-bank market. As per State Bank of Pakistan rupee settled at 283.55, a gain of 0.03 paisa.

Rupee has lost over 20.2 percent of its value against greenback during this calendar year. Day earlier, rupee was unable to maintain last week’s momentum against dollar, settling at 283.58 in inter-bank market, decrease of 0.38 paisa or 0.13 percent.

In key development, SBP reported that foreign investors repatriated $ 225.1 million during July-Feb of FY23 as compared to $ 1.146 billion during same period of last year, depicting decline of 80 percent or $ 921 million.

Globally, US dollar slid for second day against major peers on Tuesday as receding fears of full-blown banking crisis sapped demand for safest assets.

US dollar index which gauges currency against six peers, including yen declined 0.14 percent to 102.6 during Asian trading, extending Monday’s 0.35 percent drop. Dollar index reached three-month high of 105.88 on March 8, before sliding as low as 101.91 last week as risk sentiment waxed and waned with banking headlines.

Published in The Daily National Courier, March, 29 2023

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