- Web Desk
PKR gains, closes the week at Rs286.50 against US dollar
- Web Desk
- Nov 17, 2023
WEB DESK: The Pakistani rupee (PKR) demonstrated consecutive gains against the US dollar, appreciating by 0.31 per cent in the inter-bank market on Friday.
According to the State Bank of Pakistan (SBP), the local currency settled at Rs286.50, marking an increase of Re0.88 on the final day of the week.
This positive momentum follows Thursday’s conclusion of the rupee’s 17-session depreciation streak, settling at Rs287.38 against the US dollar.
Simultaneously, the nation’s total liquid foreign exchange reserves experienced a decline of $79 million over the last week, primarily attributed to external debt servicing, culminating at $12.535 billion as of November 10, 2023.
On the global front, the yen is poised for its most robust week against the US dollar in four months, driven by expectations of a narrowing US-Japan rate differential.
Anticipations that the Federal Reserve has concluded its rate hikes have led to a weekly loss for the greenback.
Weaker-than-expected US economic data, particularly a slowdown in inflation, has reinforced the belief that the Fed has completed its aggressive monetary tightening cycle, prompting speculation on when the first rate cuts might occur.
In the realm of oil prices, a significant gauge of currency parity, Friday saw minimal fluctuations, with prices set for their fourth consecutive week of losses.
A notable 5 per cent decline on Thursday, resulting in a four-month low, was triggered by concerns over global demand.
Brent futures inched up by 7 cents, or 0.1 per cent, reaching $77.49 a barrel at 0702 GMT, while US West Texas Intermediate crude (WTI) stood at $72.96, up by 6 cents or 0.1 per cent.