HomeNewsInter-bank: rupee ends appreciation run against US dollar - Markets

Inter-bank: rupee ends appreciation run against US dollar – Markets

The Pakistani rupee ended its five-session appreciation run against the US dollar as it lost 0.05% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee settled at 285.27, a decrease of Re0.66.

On Wednesday, the rupee registered gains to settle at 285.13 against the US dollar.

In a key development, the Federal Board of Revenue (FBR) has given deadline of November 30, 2023 to banks for payment of 40% additional tax on windfall income, profits and gains during calendar years 2021 and 2022.

Globally, the currency markets were lulled by holidays in Japan and the United States on Thursday, leaving the US dollar revelling in its gains after data that cast doubts over market projections for peak Fed rates.

With markets shut in Japan and the United States for the Thanksgiving holiday, currencies barely moved and cash US Treasuries weren’t traded in Asia.

The dollar index rose overnight, bouncing from a 2-1/2 month low, after economic data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week.

At the same time, orders for long-lasting US manufactured goods fell more than expected in October, signalling an economy cooling considerably after hot third-quarter growth.

Oil prices, a key indicator of currency parity, dipped roughly 1% on Thursday, extending losses from the previous session, after OPEC+ postponed a meeting, triggering speculation that the group may not deepen output cuts next year due to dissenting African members.

Brent futures were down 85 cents, or about 1%, at $81.11 a barrel by 0916 GMT, after falling as much as 4% on Wednesday.

US West Texas Intermediate crude slid 71 cents, also about 1%, to $76.39, after declining as much as 5% in the previous session.

Source: brecorder.com

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