Karachi: Rupee recorded marginal decline against dollar with depreciation of 0.07 percent in inter-bank market. At close, domestic unit settled at 287.37, decrease of 0.19 paisa as per State Bank of Pakistan. Dollar was being quoted in range of 293-295 in open-market, as compared to range of 294-296 on Wednesday.

Internationally, in Asian trading on Thursday after Federal Reserve signalled rate hikes later in year. Market’s attention is now turning to other central bank decisions late this week.

Dollar index rose 0.28 percent to 103.21, recovering from four-week low of 102.66 on Wednesday after Fed held interest rates steady but signalled that borrowing costs would increase by another 50 basis points (bps) by end-December. Oil prices, key indicator of currency parity were stable on Thursday, following plunge on Wednesday, as market balanced jump in refinery runs at world’s top crude importer China with weak economic backdrop.

Published in The Daily National Courier, June, 16 2023

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