- Web Desk
- 3 Minutes ago
Pakistani rupee continues decline against US dollar, closes at Rs280.09
- Web Desk
- Oct 26, 2023
WEB DESK: In the latest financial developments, the Pakistani rupee saw its value diminish against the US dollar for the fourth consecutive time, marking a 0.07 per cent depreciation in the inter-bank market on Thursday.
According to the State Bank of Pakistan (SBP), the rupee settled at Rs280.09, indicating a decrease of Re0.21 compared to the previous day’s rate of Rs279.88.
— SBP (@StateBank_Pak) October 26, 2023
Simultaneously, the SBP announced penalties totaling Rs83.2 million imposed on four banks for non-compliance with legal or regulatory requirements during the quarter ending September 30, 2023.
Globally, the US dollar remained robust on Thursday, hovering near a one-week high due to rising Treasury yields and a waning investor appetite for riskier currencies.
The yen breached 150 per dollar, raising concerns among traders about the possibility of intervention.
Analysts, including Carol Kong, a currency strategist at Commonwealth Bank of Australia, highlighted the significance of the upcoming US GDP data, stating that a strong report might push US yields higher and lead to the yen testing new lows.
On the currency market, the dollar index stood at 106.58, slightly below the one-week high of 106.61 recorded on Wednesday.
Meanwhile, oil prices experienced a decline after a surge in US crude stockpiles and an increase in the dollar index.
Brent crude futures dropped by 67 cents, or 0.7 per cent, reaching $89.46 a barrel, while US West Texas Intermediate crude futures decreased by 71 cents, or 0.8 per cent, reaching $84.68 a barrel as of 0630 GMT.