Karachi: Rupee registered marginal increase against dollar, settling with an appreciation of 0.03 percent during trading session. According to State Bank of Pakistan (SBP), domestic unit closed at 283.84, an increase of 0.08 paisa.

Rupee sustained loss against dollar on Thursday, settling at 283.92 in inter-bank market, decrease of 0.53 paisa. In key development, United States called on Pakistan to move ahead on stalled reforms sought by International Monetary Fund promising technical help as world’s fifth most populous nation weathers an economic crisis.

Internationally, dollar was on track for second straight monthly loss on Friday on mounting expectations Federal Reserve could soon end its aggressive rate-hike cycle, while yen steadied near one-week high ahead of pivotal central bank decision. In broader currency market, dipped against most major peers but its losses were capped by data pointing to still-sticky inflation in world’s largest economy, which reinforced expectations for 25-basis-point rate hike at next week’s FOMC meeting.

Against basket of currencies, dollar index last stood at 101.45 and was headed for monthly loss of more than 1 percent after having fallen about 2.3 percent in March.

Published in The Daily National Courier, April, 29 2023

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