Karachi: Rupee gained value against dollar in interbank, gaining 0.35 percent. This is rupee's 17th successive increase against greenback. As per State Bank of Pakistan domestic unit settled at 287.74 after an increase of Rs 1.01 in inter-bank market.

Currency dealers said rupee was quoted at 288 for selling and 285 for buying purposes for customers in open market.

In key development, repatriation of profits and dividends by foreign investors on their investment in Pakistan sharply rose by 74.46 percent during first two months of this fiscal year (FY24).

Globally, dollar clung near 10-month high against basket of its peers on Thursday, keeping yen under pressure near key intervention zone as investors size up upbeat US economic data and fresh comments from Federal Reserve officials.

Federal Reserve Bank of Minneapolis President Neel Kashkari was one among several Fed voices to caution markets on possibility of more hikes, saying on Wednesday that ample evidence of ongoing economic strength meant that more tightening might be in pipeline.

Fed Chair Jerome Powell is scheduled to speak later on Thursday, giving markets further clues into future path of US monetary policy. Fed officials' remarks come as economic data out of US continues to surprise with its strength, defying investor expectations for slowdown.

Dollar index, which measures greenback against basket of other major currencies, hovered around 106.58, after hitting 106.84 overnight, highest level since November 30.

Oil prices, key indicator of currency parity jumped to their highest in more than year on Thursday as drop in crude stocks in United States added to worries over tight global supplies from OPEC+ output cuts.

Published in The Daily National Courier, September, 29 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.