Inter-bank market: Rupee gains recovery against US dollar

At close, the rupee was up Rs2.04 or 0.67%, as per the State Bank of Pakistan (SBP).

On Wednesday, the rupee witnessed a slight recovery against the US dollar to settle at 306.98, an appreciation of 0.04%, in the inter-bank market.

In a key development, the State Bank of Pakistan (SBP), in a bid to strengthen controls amid the massive fall in rupee’s value in the open market, decided to introduce structural reforms in the Exchange Companies’ (ECs) sector on Wednesday.

“As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate foreign exchange needs of general public,” said the SBP in a statement.

Globally, a buoyant US dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near three-month lows, as investors placed their faith in a still-resilient US economy even amid a dour global growth outlook.

The greenback scaled a fresh top of 147.865 yen in early Asia trade, its highest since last November.

Against a basket of currencies, the dollar was last 0.05% higher at 104.91, holding on to some of its gains from the previous session after scaling a six-month peak on news that the US services sector unexpectedly gained steam in August.

Oil prices, a key indicator of currency parity, eased on Thursday as worries over demand due to a seasonal slowdown during winter and an uncertain economic outlook for China outweighed expectations of tighter supplies from extended production cuts in Saudi Arabia and Russia.

SuchTV, 07 Sep, 2023 Visit to News Source Webpage

Inter-bank market: Rupee gains recovery against US dollar

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