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Rupee broadly stays stable against USD on post-Eid session

April 26, 2023 at 10:05 pm | Economic Affairs

April,20(E. A Report) — Pakistani rupee stayed broadly stable against the US dollar, settling with an appreciation of 0.03% on Wednesday at opening after a five-day gap owing to Eid holidays
According to the State Bank of Pakistan (SBP), local currency settled at 283.39, an increase of Re0.08. It had depreciated during the early hours of trading before clawing back to finish positive.
Rupee regained its upward momentum against the US dollar on Thursday last week, settling at 283.47 in inter-bank market where market participants continued to await resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has been stalled since last year.
Finance Minister Ishaq Dar once again said the government has met all the conditions of the IMF for revival of the loan agreement.
Globally, US dollar was mostly steady after spiking higher overnight as renewed concerns over the U.S. banking sector and economy dented risk sentiment.
USD index, which measures the currency against six major rivals, nudged 0.01% higher to 101.80 following a 0.5% increase overnight. The index is down 0.76% for the month.
Weighing on sentiment was fresh economic data where US consumer confidence dropped to a nine-month low in April, data overnight showed, heightening the risk that the economy could fall into recession this year.
Oil prices, a key indicator of currency parity, rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in world’s top oil consumer.

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