Pakistani rupee closes at Rs286.90 versus US dollar

WEB DESK: In the latest economic developments, the Pakistani rupee experienced a continued decline against the US dollar, marking its 13th consecutive session of losses in the inter-bank market.

On Wednesday, the rupee depreciated by 0.18 per cent, settling at Rs286.90, according to the State Bank of Pakistan (SBP), indicating a decrease of Re0.51.

Interbank Closing
PKR Continues to Depreciate!
The Pakistani Rupee lost PKR 0.5048 (0.18%) against the US Dollar on DoD basis ending the session at PKR 286.8974/US$.#economy #forex #ExchangeRate #Dollar #Currency #Pakistan pic.twitter.com/Y8SUbH1CQO

— Capital Stake (@CapitalStake) November 8, 2023

This followed a previous depreciation of 0.38 per cent on Tuesday, when the rupee settled at Rs286.39 against the US dollar.

Meanwhile, in a significant development, Pakistan and the International Monetary Fund (IMF) are poised to engage in policy-level discussions starting on November 13 (Monday).

Caretaker Finance Minister Dr Shamshad Akhtar expressed optimism about the success of the talks during her statement to the media outside the Finance Ministry on Monday.

Read more: Cars to buy in Pakistan under Rs500,000

She stated that the discussions have been progressing positively, with all ministries and divisions meeting the agreed targets and demonstrating satisfactory performance.

On the global front, the US dollar regained strength on Wednesday, edging higher after several Federal Reserve speakers hinted at the possibility of further rate hikes.

Traders eagerly awaited a speech from Chair Jerome Powell, seeking insights into the central bank’s future policy direction.

The greenback, which experienced a decline last week following the Fed’s decision to maintain its policy rate and concerning data about the US labour market, stabilised as market uncertainties persisted regarding the peak in US rates and the potential easing of monetary conditions by the Fed.

Simultaneously, oil prices, a vital indicator of currency stability, remained under pressure on Wednesday. Concerns over declining demand in the United States and China contributed to the slide.

Brent crude futures dipped by 8 cents to $81.53 a barrel, while US crude lost 20 cents, falling to $77.17.