Karachi: Rupee sustained losses against dollar as it depreciated 0.16 percent in inter-bank market. As per State Bank of Pakistan, rupee settled at 279.88, decrease of 0.45 paisa.

During day, currency dealers said domestic unit was quoted at 281.5 for selling and 278.5 for buying purposes for customers in open market.

In related development, State Bank of Pakistan said it is expecting improvement in inflows of remittances to Pakistan in future amid significant increase in labour migration.

Internationally, dollar was on frontfoot on Wednesday, drawing support from yet another resilient US economic data reading, while euro struggled to make headway on back of darkening growth outlook in bloc.

US business output ticked higher in October as manufacturing sector pulled out of five-month contraction, data on Tuesday showed, while separate data released same day showed euro zone’s business activity in contrast took surprise turn for worse this month.

Against dollar, euro was last 0.05 percent higher at $ 1.0595, having declined 0.75 percent on Tuesday.

Single currency’s slide lifted dollar index and it last steadied at 106.23, away from one-month low of 105.35 hit in previous session.

Published in The Daily National Courier, October, 26 2023

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