Karachi: Rupee registered losses for second straight session against dollar, depreciating 0.18 percent in inter-bank market. At close, domestic unit settled at 286.19, decline of 0.51 paisa as per State Bank of Pakistan.

Open-market dealers said rates were in range of 305-310 on Monday evening. Last week, SBP said it allowed authorised dealers of foreign exchange to purchase dollar from inter-bank market for settlement of card-based cross-border transactions with international payment schemes such as Visa and MasterCard.

Globally, firmed against major peers in Asian trading after robust US jobs report spurred traders to price in higher interest rates for longer. Dollar garnered support from higher Treasury yields after data on Friday showed payrolls in public and private sector increased by 339,000 in May, far outstripping 190,000 forecast on average by economists polled by Reuters.

While headline US jobs growth was much stronger than expected in May, wage pressures eased and unemployment rate climbed off 53-year low, potentially giving Federal Reserve scope to pause their rate hiking campaign at upcoming June 13-14 meeting, as some officials had voiced preference for doing last week.

Published in The Daily National Courier, June, 06 2023

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