Karachi: Rupee maintained its downward trajectory against dollar for third consecutive session in inter-bank market, depreciating 0.13 percent. At close, domestic unit settled at 286.56, decline of 0.37 paisa as per State Bank of Pakistan.

In open-market, however, rupee clawed back some gains, multiple currency dealers quoted rates in range of 302-307. Dealers, however informed that dollars remain in short supply.

In key development, government shared some of details of fiscal year 2023-24 budget with International Monetary Fund. This was confirmed by Esther Perez Ruiz, Resident Representative of IMF in Pakistan, while responding to a daily on questions.

Internationally, dollar languished well below last week’s 2-1/2-month highs on Tuesday after unexpectedly soft US services data firmed up expectations for rate pause at Federal Reserve’s meeting next week but clouded policy outlook for months ahead.

dollar index which measures currency against six major peers was flat at 104.00, after shaky few days that saw it rally to 2 1/2-month peak at 104.70 on final day of May, only to get knocked back by suggestions by Fed officials that they would skip rate hike in June.

Published in The Daily National Courier, June, 07 2023

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