Intra-day update: rupee sees minor fall against US dollar
The Pakistani rupee saw a minor fall against the US dollar during the opening hours of trading, depreciating 0.15% on Thursday. At around 10:50am, the rupee was hovering at 295.35, a decrease of Re0.43, in the inter-bank market. On Thursday, the rupee was stable against the US dollar, as it settled at 294.92 in the inter-bank. In a key development, newly-appointed caretaker finance czar Dr Shamshad Akhtar expressed her dedication to fulfill all international obligations, including those with the International Monetary Fund (IMF), a statement from the Finance Division stated on Thursday. Moreover, the government closed the last fiscal year (2022-23) with a budget deficit of 7.7 percent or Rs6.521 trillion as debt servicing touched a record Rs5.831 trillion. Globally, the US dollar headed for a fifth winning week versus major peers, the longest streak for 15 months, as a resilient US economy argued for high rates for longer while China’s floundering recovery spurred demand for the safety of the US currency. On Friday, however, the dollar trimmed some of those gains as its rally against the yen kept traders on edge against the risk of intervention, and the yuan edged up after the People’s Bank of China set a much-stronger-than-expected daily fixing. The US dollar index - which measures the currency against six developed-market rivals, including the yen and euro - eased 0.14% to 103.26 in the Asian morning, after touching a two-month high at 103.59 overnight. Oil prices, a key indicator of currency parity, looked set to snap a seven-week winning streak on Friday as concerns about China’s slowing economic growth and the possibility of more US interest rate hikes outweighed signs of tightening supply. This is an intra-day update
Karobar
The Pakistani rupee saw a minor fall against the US dollar during the opening hours of trading, depreciating 0.15% on Thursday.
At around 10:50am, the rupee was hovering at 295.35, a decrease of Re0.43, in the inter-bank market.
On Thursday, the rupee was stable against the US dollar, as it settled at 294.92 in the inter-bank.
In a key development, newly-appointed caretaker finance czar Dr Shamshad Akhtar expressed her dedication to fulfill all international obligations, including those with the International Monetary Fund (IMF), a statement from the Finance Division stated on Thursday.
Moreover, the government closed the last fiscal year (2022-23) with a budget deficit of 7.7 percent or Rs6.521 trillion as debt servicing touched a record Rs5.831 trillion.
Globally, the US dollar headed for a fifth winning week versus major peers, the longest streak for 15 months, as a resilient US economy argued for high rates for longer while China’s floundering recovery spurred demand for the safety of the US currency.
On Friday, however, the dollar trimmed some of those gains as its rally against the yen kept traders on edge against the risk of intervention, and the yuan edged up after the People’s Bank of China set a much-stronger-than-expected daily fixing.
The US dollar index - which measures the currency against six developed-market rivals, including the yen and euro - eased 0.14% to 103.26 in the Asian morning, after touching a two-month high at 103.59 overnight.
Oil prices, a key indicator of currency parity, looked set to snap a seven-week winning streak on Friday as concerns about China’s slowing economic growth and the possibility of more US interest rate hikes outweighed signs of tightening supply.
This is an intra-day update
