Karachi: Rupee registered losses against dollar, depreciating 0.09 percent in inter-bank market. At close, domestic unit settled at 285.42, decline of 0.27 paisa as per State Bank of Pakistan.

However, in open market, dollar was being traded in range of 309-312 level against greenback, as gap widened due to foreign currency shortage.

Persistent delay in International Monetary Fund programme which is due to end in June, fear of default and an inability to ensure dollar inflow through legal channels has kept market under pressure.

Globally, dollar was firm on Monday as economic resilience in United States raised market expectations for further rate hikes by Federal Reserve, while news that debt ceiling deal had been finalised sparked some risk-on sentiment.

Data released showed that US consumer spending increased more than expected in April and inflation picked up, adding to signs of still-resilient economy.

Oil prices, key indicator of currency parity rose on Monday after US leaders reached tentative debt ceiling deal, possibly averting default in world’s largest economy and oil consumer, although concerns about further interest rate hikes capped gains.

Published in The Daily National Courier, May, 30 2023

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