Intra-day update: rupee sees slight improvement against US dollar
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.04% during the opening hours of trading on Wednesday. At around 10:15am, the rupee was hovering at 287.78, an increase of Re0.13, in the inter-bank market. On Tuesday, the Pakistani rupee weakened further against the US dollar and depreciated 0.17% to settle at 287.91. In a key development, the Economic Coordination Committee (ECC) on Tuesday approved the proposed revised features of the SME Asaan Finance (SAAF) scheme as proposed by State Bank of Pakistan (SBP) with risk sharing facility of Rs12 billion for the government with Rs4 billion for 2023-24 and Rs7 billion for 2024-25. Internationally, the US dollar remained on the frontfoot in Asia on Wednesday, holding on to overnight gains against major peers as investors sought the safety of the currency amid risks from a floundering Chinese economy and downgrades for US banks. Worries about the global economy flared again after data on Tuesday showed Chinese imports and exports contracting faster than expected in July. Data on Wednesday showed China’s consumer prices fell for the first time in more than two years in July, fanning deflation fears, although the decline of 0.3% was slightly less than forecast in a Reuters poll. The US dollar index - which measures the currency against the euro, yen and four other counterparts - was little changed at 102.50 in the Asian morning, following a 0.47% rise in the previous session. Oil prices, a key indicator of currency parity, eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia. This is an intra-day update
Karobar
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.04% during the opening hours of trading on Wednesday.
At around 10:15am, the rupee was hovering at 287.78, an increase of Re0.13, in the inter-bank market.
On Tuesday, the Pakistani rupee weakened further against the US dollar and depreciated 0.17% to settle at 287.91.
In a key development, the Economic Coordination Committee (ECC) on Tuesday approved the proposed revised features of the SME Asaan Finance (SAAF) scheme as proposed by State Bank of Pakistan (SBP) with risk sharing facility of Rs12 billion for the government with Rs4 billion for 2023-24 and Rs7 billion for 2024-25.
Internationally, the US dollar remained on the frontfoot in Asia on Wednesday, holding on to overnight gains against major peers as investors sought the safety of the currency amid risks from a floundering Chinese economy and downgrades for US banks.
Worries about the global economy flared again after data on Tuesday showed Chinese imports and exports contracting faster than expected in July.
Data on Wednesday showed China’s consumer prices fell for the first time in more than two years in July, fanning deflation fears, although the decline of 0.3% was slightly less than forecast in a Reuters poll.
The US dollar index - which measures the currency against the euro, yen and four other counterparts - was little changed at 102.50 in the Asian morning, following a 0.47% rise in the previous session.
Oil prices, a key indicator of currency parity, eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia.
This is an intra-day update
