Karachi: Rupee regained its upward momentum against dollar, appreciating 0.15 percent during trading in inter-bank market. According to State Bank of Pakistan (SBP), domestic unit settled at 283.47, an increase of 0.42 paisa.

Market participants await resumption of International Monetary Fund Extended Fund Facility which has remained stalled since last year. Globally, dollar held gains on Thursday after strong US banking results firmed up expectations that Federal Reserve will keep monetary policy tight for a while longer. Dollar index, which tracks currency against a basket of its peers, was little changed at 101.96 after climbing 0.27 percent on Wednesday.

Oil prices, key indicator of currency parity, fell in Asian morning trade on Thursday as dollar strengthened on rate-hike expectations and after recent economic data from US and China did not do enough to encourage expectations that demand will improve.

In key development, current account posted massive surplus of $ 654 million in March against (revised) deficit of $ 36 million in February 2023, reported State Bank of Pakistan.

Published in The Daily National Courier, April, 21 2023

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