Karachi: Rupee registered marginal drop against dollar, depreciating 0.05 percent in inter-bank market.

As per State Bank of Pakistan (SBP), rupee settled at 283.79, loss of 0.13 paisa.

Day earlier, rupee was slightly up against dollar, closing at 283.66 in inter-bank market, an increase of 0.26 paisa.  Moreover, foreign exchange reserves held by State Bank of Pakistan (SBP) decreased $ 354 million, clocking in at $ 4.2 billion as of March 24, data released showed. This was first decline in central bank-held reserves on weekly basis after six successive increases. Overall number stands at critical level at around month of import cover. Globally, US dollar tracked toward second consecutive quarterly loss on Friday, as investors see US interest rates close to peaking and expect dollar’s yield advantage is in decline. Modest boost from rush to safety around mid-March as banking jitters hit global markets seems to be fading, and dollar index is down 1.3 percent for quarter.

Published in The Daily National Courier, April, 01 2023

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