Karachi: Rupee registered gains against dollar appreciating 0.46 percent in inter-bank market during trading even as expectations that deal would be finalised with IMF to revive its bailout programme fell flat. As per State Bank of Pakistan currency closed at 269.28 against dollar, an increase of Rs 1.23. Domestic unit depreciated by 23.2 percent during ongoing fiscal year against greenback.

Bid was Rs 270 while offer remained to Rs 273 in interbank and in open-market movement

Unit gained 50 paisas for buying and selling closing at 270 and 273 respectively.

Against Euro, it gained 2.50 rupees for buying and selling, closing at 285 and 288 respectively. Against UAE Dirham, lost 30 paisas for buying and selling, closing at 74.30 and 75, respectively. Against Saudi Riyal, lost 50 paisas for buying and selling, closing at 71.30 and 72, respectively

Saad Khan Head of Research at IGI Securities added that quantum of additional taxes agreed with IMF i.e. Rs 170 billion was far less than what was being reported. “This was taken as another positive indicator by market,” he added.

Dollar index, which measures US currency against six major peers, was at 103.21, having dropped to as low as 102.63 in previous session. Index is set to end week with small gain, its second straight positive week and run it has not had since October.

Published in The Daily National Courier, February, 11 2023

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