Karachi: Rupee ended its three-session winning streak against dollar as currency depreciated 0.11 percent in the inter-bank market. According to State Bank of Pakistan (SBP), domestic unit settled at 284.71, decrease of Re 0.31.

During previous week, rupee had depreciated a marginal 0.09 percent against dollar on account of recovery on final two days. News of $ 2-billion inflow from Saudi Arabia and another $ 1 billion from UAE had helped market sentiment with rupee settling at 284.4 on Friday.

Meanwhile internationally, US dollar bounced from one-year low on Monday as resilience in core US retail sales, rise in short-term inflation expectations and impressive Wall Street bank earnings raised market expectations for an interest rate hike in May. While US retail sales fell more than expected in March, so-called core retail sales, which excludes automobiles, gasoline, building materials and food services, slipped just 0.3 percent last month, data released on Friday showed. Against basket of currencies, index rose 0.15 percent to 101.82, standing some distance away from Friday’s one-year low of 100.78.

Published in The Daily National Courier, April, 18 2023

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