In the open market, the PKR gained 2 rupees for both buying and selling against USD, closing at 218 and 220, respectively.Īgainst Euro, the PKR gained 5 rupees for both buying and selling, closing at 214 and 216 respectively.Īgainst UAE Dirham, the PKR gained one rupee for both buying and selling, closing at 60 and 60.50, respectively.Īgainst Saudi Riyal, the PKR gained 50 paisas for both buying and selling, closing at 58 and 58.50, respectively.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Inter-bank market rates for dollar on Monday Oil prices, a key determinant of currency parity, fell on Monday, ending five straight days of gains, as investors looked to slowing economic activity in China, the world’s biggest crude importer, which revived concerns about a global recession and falling global fuel demand. The US dollar index was steady at 112.83, off lows around 110 last week and creeping back toward last month’s 20-year high of 114.78. labour market reinforcing bets on higher interest rates as traders braced for data expected to show stubbornly high inflation. Internationally, the dollar started the week firmly on Monday, with a strong U.S. “If commodity prices increase, this would hit the country,” he added. Moreover, after OPEC’s decision to cut oil production, oil prices are expected to increase in the coming weeks in the coming winter months, as demand for energy needs surges, said Khan. Meanwhile, the US dollar remains strong against other currencies, as US Fed continues to hike the policy rate.
“However, this would be a very short-term play and after a while, the market forces would kick in,” he added. “The appreciation in currency comes after a majority of persons submitted dollars to the market amid Ishaq Dar’s statements,” he said. Saad Khan, Head of Research at IGI Securities told Business Recorder that there are no fundamental developments driving the rupee appreciation. On complaints received from business community pertaining to Letter of Credit (LCs), Dar informed that the State Bank had compiled the data and as a first step it was decided that all the pending payments worth upto $50,000 would be cleared, adding that about 7,952 payments would be made, which would help to clear about 52% pending LCs. “We have decided not to go to Paris Club,” Dar said, adding that in consultation with Prime Minister Shehbaz Sharif it was decided that it wasn’t in the nation’s interest to ask for a restructuring. The new rating from Moody’s raised concerns that Pakistan could default on its foreign debt as contends with economic turmoil and a balance of payments crisis. In an important announcement, Finance Minister Ishaq Dar on Sunday said that Pakistan will not seek debt restructuring from Paris Club creditor nations, as he sought to restore market confidence after a credit rating downgrade. The recent appreciation of rupee is being attributed to actions taken by the State Bank of Pakistan (SBP) and other authorities to curb speculation in the market. In the previous week, the rupee appreciated by Rs8.53 or 3.88% against the US dollar.
On Friday, the rupee’s winning streak against the US dollar entered the 11th session, as the rupee closed at 219.92 after appreciating Rs2.02 or 0.92%.
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