Rupee largely stable, settles at 223.94 against USD

Pakistan's rupee fell marginally against the US dollar, depreciating 0.01% in the inter-bank market. As per the State Bank of Pakistan (SBP), the rupee closed at 223.94 after a decrease of Re0.02. On Thursday, the rupee had registered a marginal depreciation against the US dollar to settle at 223.92 after a drop of Re0.11 or 0.05%.

"The currency has been trading in a range between Rs218/USD and Rs224/USD since the last MPC held on October 10, 2022. However, the volatility earlier seen in the interbank rates has shifted to the open and black markets, where spreads have reached Rs8-10 on every USD," said AKD Securities in its latest report.

Moreover, foreign exchange reserves held by the central bank decreased $134 million on a weekly basis, clocking in $7.83 billion as of November 18, 2022, according to data released.

Internationally, the dollar stood close to a three-month low and was on track for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December dominated investors' minds and kept the mood buoyant.