Karachi: Rupee failed to hold ground against dollar, depreciating 0.13 percent in inter-bank market.

As per State Bank of Pakistan rupee settled at 283.92, loss of 0.37 paisa. Earlier during day, rupee was being quoted at 283.40 but was unable to maintain momentum against greenback. Market keenly awaits resumption of International Monetary Fund’s Extended Fund Facility programme.

Dollar index, which tracks currency against six major peers, was flat in early Asian trading, following drops of about 0.3 percent in each of past two sessions. Weakness comes despite rise in US Treasury yields, which is also result of ebbing demand for safest assets. Oil prices, key indicator of currency parity, rose for third session as halt to some exports from Iraqi Kurdistan raised concerns of tightening supplies and fears of global banking crisis eased.

Published in The Daily National Courier, March, 30 2023

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