Karachi: Rupee strengthened further against dollar, appreciating 0.21 percent in inter-bank market. At close, unit settled at 285.15, gain of 0.59 paisa as per State Bank of Pakistan. However, in open market, dollar was being traded in range of 308-311 level against greenback, as gap widened due to foreign currency shortage. Bid was Rs 285.15 and offer was Rs 285.40 in interbank and in open market, it lost 1 rupee for both buying and selling against dollar, closing at 307 and 310 respectively.

Against Euro, rupee lost 2 rupees for both buying and selling, closing at 331 and 334 respectively.

Internationally, dollar stood near two-month high against its major peers on Friday and was headed for third weekly gain on expectations that US interest rates could remain higher for longer than initially expected. Jitters over debt ceiling negotiations between US President Joe Biden and top congressional Republican Kevin McCarthy also continued to cast shadow over market sentiment, with just week to go before so-called “X-date” on June 1, when government would be unable to cover its obligations. US dollar index edged 0.05 percent lower to 104.18.

Published in The Daily National Courier, May, 27 2023

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