Intra-day update: rupee continues to dip, hits 301 against US dollar
The Pakistani rupee remained under pressure against the US dollar, depreciating 0.26% during trading in the inter-bank market on Friday. At 12:25pm, the rupee was hovering at 301, a decrease of Re0.78 in the inter-bank market. On Thursday, the rupee had closed at a record low against the US dollar, as it settled at 300.22. In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalisation of the EXIM Bank for enhancing Pakistan’s exports. The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves. The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday showed. Internationally, the US dollar sat at an over two-month peak on Friday, on course for its sixth straight week of gains as markets await a speech from Federal Reserve Chair Jerome Powell to gauge the path of monetary policy. Investors will parse through Powell’s address on monetary policy at the Jackson Hole Economic Policy Symposium at 10:05 a.m. ET (1405 GMT) to better understand whether the Fed is done with rate hikes and how long it plans to keep rates elevated. The dollar index, which measures the US currency against six rivals, rose 0.019% to 104.11, the highest since June 7. The index is up 2% in August and set to snap its two-month losing streak. Oil prices, a key indicator of currency parity, fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant. This is an intra-day update
Karobar
The Pakistani rupee remained under pressure against the US dollar, depreciating 0.26% during trading in the inter-bank market on Friday.
At 12:25pm, the rupee was hovering at 301, a decrease of Re0.78 in the inter-bank market.
On Thursday, the rupee had closed at a record low against the US dollar, as it settled at 300.22.
In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalisation of the EXIM Bank for enhancing Pakistan’s exports.
The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.
The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday showed.
Internationally, the US dollar sat at an over two-month peak on Friday, on course for its sixth straight week of gains as markets await a speech from Federal Reserve Chair Jerome Powell to gauge the path of monetary policy.
Investors will parse through Powell’s address on monetary policy at the Jackson Hole Economic Policy Symposium at 10:05 a.m. ET (1405 GMT) to better understand whether the Fed is done with rate hikes and how long it plans to keep rates elevated.
The dollar index, which measures the US currency against six rivals, rose 0.019% to 104.11, the highest since June 7. The index is up 2% in August and set to snap its two-month losing streak.
Oil prices, a key indicator of currency parity, fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant.
This is an intra-day update
