Pakistani Rupee rises slightly against US dollar

Pakistani Rupee rises slightly against US dollar

The money market remained lackluster on Thursday also as the US dollar saw some ups and downs against the Pakistani rupee in the interbank trading.

According to the forex dealers, the greenback shed a few paisas in the morning trading but towards the end of the day, it rebounded and ended with a gain of 26 paisas, concluding the day at Rs Rs222.67.

Interbank closing #ExchangeRate link for link pic.twitter.com/ewyO9S9U1r link — SBP (@StateBank_Pak) November 17, 2022 link

On Wednesday, the US dollar concluded the day at Rs222.41.

Interbank closing #ExchangeRate link for link pic.twitter.com/fkTCQrBvih link — SBP (@StateBank_Pak) November 16, 2022 link

The dull trading in money market comes amid reports that the International Monetary Fund (IMF) Staff Mission is expected in Islamabad by the end of the month but the date has not yet been finalised as the Fund wants Pakistan to first make some adjustments.

Owing to uncertainty over IMF review, Pakistan's perceived risk of default, measured by the 5-year credit default swap (CDS), also worsened and hit 75.5 percent.

Oil prices, a key indicator of currency parity, rose, erasing earlier losses, after an incident involving a commercial vessel off the coast of Oman, but rising Covid-19 cases in China capped gains.