The Pakistani rupee fell a little against the US dollar, falling almost 0.1% in Friday’s first hours of trading.
At roughly 10:50 a.m., the rupee traded at 287.85, a Rse0.25 fall in the interbank market.
The Pakistani rupee fell a little against the US dollar on Thursday, falling 0.05% to 287.60.
In a significant event, inflows of home remittances declined dramatically, by more than 19.3%, during the first month of the current fiscal year, owing primarily to currency volatility.
According to the State Bank of Pakistan (SBP), the country received $2.027 billion in worker remittances in July 2023, a $484 million decrease from $2.511 billion in July 2022.
Internationally, the US dollar was steady on Friday as traders bet that the Federal Reserve’s rate hike cycle was ending after data revealed that US consumer prices climbed marginally in July, while a senior Fed official cautioned against jumping to conclusions.
Overnight statistics indicated that the US consumer price index rose 0.2% last month, matching the 0.2% increase in June, with the CPI rising 3.2% in the year to July.
After some wild trading overnight following the CPI news, the dollar index, which measures the US currency against six rivals, fell 0.088% to 102.53.
Oil prices, a crucial indicator of currency parity, were virtually unchanged in Asian morning trade as investors weighed the OPEC producer group’s upbeat demand projections against conflicting economic data from big importer China.