Rupee settles at 291.76 versus dollar

Business Sep, 22 2023
Rupee settles at 291.76 versus dollar
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Karachi: Rupee remained in green in value against greenback in interbank market, gaining 0.35 percent. As per State Bank of Pakistan domestic unit settled at 291.76 after an increase of Rs 1.02 in inter-bank market. Currency dealers said that rupee was quoted at 295 for selling and 292 for buying in open market up by Re 1 as compared.

Rupee maintained its upward trajectory in recent days and recovered 5.25 percent or Rs 15.34 since hitting record low of 307.1 against dollar in inter-bank market on September 5.

In related development, central bank announced an increase in financial incentives for banks, Microfinance Banks and ECs to bring more home remittances into country.

Internationally, dollar stood near six-month peak on prospect of higher-for-longer US rates. While Fed kept interest rates steady this week, it signalled possibility of another hike this year, with rates to be kept significantly tighter through 2024 than previously expected. Dollar rode Treasury yields higher and against basket of currencies, greenback gained 0.1 percent to 105.50, not far from previous session’s six-month high of 105.74.

Oil prices, key indicator of currency parity rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high-interest rates.

Published in The Daily National Courier, September, 23 2023

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