Pakistani rupee continues decline against US dollar, closes at Rs280.09

WEB DESK: In the latest financial developments, the Pakistani rupee saw its value diminish against the US dollar for the fourth consecutive time, marking a 0.07 per cent depreciation in the inter-bank market on Thursday.

According to the State Bank of Pakistan (SBP), the rupee settled at Rs280.09, indicating a decrease of Re0.21 compared to the previous day’s rate of Rs279.88.

Interbank closing #ExchangeRate for todayhttps://t.co/SACJuYlffG#SBPExchangeRate pic.twitter.com/zQSxtpgWjd

— SBP (@StateBank_Pak) October 26, 2023

Simultaneously, the SBP announced penalties totaling Rs83.2 million imposed on four banks for non-compliance with legal or regulatory requirements during the quarter ending September 30, 2023.

Globally, the US dollar remained robust on Thursday, hovering near a one-week high due to rising Treasury yields and a waning investor appetite for riskier currencies.

The yen breached 150 per dollar, raising concerns among traders about the possibility of intervention.

Analysts, including Carol Kong, a currency strategist at Commonwealth Bank of Australia, highlighted the significance of the upcoming US GDP data, stating that a strong report might push US yields higher and lead to the yen testing new lows.

Read more: Global oil prices extend decline for fourth consecutive day

On the currency market, the dollar index stood at 106.58, slightly below the one-week high of 106.61 recorded on Wednesday.

Meanwhile, oil prices experienced a decline after a surge in US crude stockpiles and an increase in the dollar index.

Brent crude futures dropped by 67 cents, or 0.7 per cent, reaching $89.46 a barrel, while US West Texas Intermediate crude futures decreased by 71 cents, or 0.8 per cent, reaching $84.68 a barrel as of 0630 GMT.