Rupee Ends Week With Gains Against US Dollar
Today’s intraday session saw the Pakistani rupee strengthen versus the US dollar after trading began at 286 in the interbank market.
It was bullish at 12 PM, climbing as high as 283 after gaining Rs. 3.9 in relation to the US dollar.
Later, between 12:30 and 1:15 PM, it fell to the 287 level and lingered there before rising to 286.
Open market rates (documented) increased to a range of 291-294 at several currency counters.
The PKR gained 23 paisas against the dollar today, increasing by 0.08 percent to close at 286.97.
The original dock of the informal exchange rate was 296-300.
The current cash rate in Hundi was in the range of 298 to 302, but numerous channels (undocumented) reported rates as high as 304.
The dollar has not been in high demand at exchange counters since Wednesday, which accounts for today’s advances. The temporary respite was appreciated, according to a trader, but the forecast is same; the PKR will continue to move in a seesaw pattern over the next weeks. Adding, “300 is the target, 295 is resistance,” one of them said.
According to data provided by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves marginally decreased on a weekly basis.
The SBP’s foreign exchange holdings were valued at $8.153 billion on July 27, down $32 million from $8.186 billion on July 21. The decline, according to a statement from the central bank, was brought on by debt repayments.
Since January 2023, the currency has decreased by over Rs 63 overall. It has lost more than 113 rupees in value versus the dollar since April 2022. The PKR has increased 23 paisas against the dollar today, according to the changes in currency rates seen today.
Global
The US dollar suffered some losses on Thursday, but it managed to gain some ground today across the board. In the European session on Thursday, the USD Index, which gauges the strength of the US dollar against a basket of six important currencies, climbed above 102.80 before tumbling to roughly 102.50.
Ahead of the weekend, market participants will be eagerly observing the July US jobs report. It is anticipated that nonfarm payrolls would rise by 200,000. While annual wage inflation is anticipated to decrease to 4.2 percent from 4.4 percent in June, the jobless rate is forecast to stay at 3.6 percent. The labour market report in the American session may have an impact on the USD’s valuation due to its ability to affect the Federal Reserve’s policy outlook.
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