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HomeNationalIntraday Update: Rupee Maintains Uptrend Against US Dollar - Markets MIGMG News

Intraday Update: Rupee Maintains Uptrend Against US Dollar – Markets MIGMG News

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Migmg news

The Pakistani rupee posted gains against the US dollar, appreciating nearly 0.24% during Friday’s trade on positive news from the finance minister regarding inflows from China and the dollar falling on the international front.

At around 3:15 pm, the rupee was trading at 281.75, up 0.67 against the US dollar in the interbank market.

A day earlier, the rupee saw some respite against the US dollar at 282.42 in the interbank market on Thursday, a gain of Re0.43 or 0.15%.

In a key development, Finance Minister Ishaq Dar said on Thursday that the paperwork for the second payment of $500 million from the Industrial and Commercial Bank of China (ICBC) has been completed.

The country’s total liquid foreign exchange reserves grew by $93 million over the past week. According to the weekly foreign exchange report of the State Bank of Pakistan (SBP), released on Thursday, SBP’s reserves increased by $18 million to $4.319 billion, from $4.301 billion a week earlier.

In another significant development, Darr told the Senate on Thursday that assurances from “friendly countries” to finance the balance of payments gap was the final hurdle in securing an International Monetary Fund (IMF) deal that would offer a critical lifeline to stave off economic collapse.

Internationally, the dollar slipped on Friday as authorities and banks moved to ease stress on the financial system, taking the heat out of most major currencies that fell this week amid the banking turmoil.

Shares in the US bailout of First Republic Bank boosted risk appetite globally on Thursday as fears of a global banking crisis eased, paving the way for gains in the Australian and New Zealand dollars.

The US dollar index fell 0.27% to 104.11.

Oil prices, a key indicator of currency parity, rebounded about 1% on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong expectations for Chinese demand after the banking crisis triggered a sell-off in global financial and oil markets this week. Sunday.

This is an update during the day


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