Mohsin Siddiqui (Chief Reporter)

Pakistani rupee experienced marginal losses against the US dollar, depreciating by 0.02% in the inter-bank market. At 11 am, the rupee stood at 285.43, reflecting a decrease of Re0.06.

During the preceding week, the rupee continued its positive momentum for the second consecutive week, appreciating by 0.39% or Rs1.13 to settle at 285.37 against the US dollar in the inter-bank market. Although the local currency gained ground in the initial three days, it saw a slight decline in the remaining two sessions.

The recent appreciation followed a period of four-week losses, with a rebound fueled by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA).

Caretaker Federal Minister for Finance, Dr. Shamshad Akhtar, emphasized the need for structural reforms to support Pakistan’s economic growth, acknowledging the impact of political and economic instability.

Internationally, the US dollar faced pressure at the start of the last week of November, while the British pound remained near a two-month high, signaling improved economic sentiment in the UK. Traders awaited economic cues to gauge the future direction of policy rates.

Key events in the upcoming week include a postponed OPEC+ meeting, data releases on inflation from the Federal Reserve, eurozone, and Australia, as well as a rate decision from the Reserve Bank of New Zealand (RBNZ) and Chinese PMI data.

Oil prices, influential in currency parity, saw a decline on Monday, with Brent crude approaching $80 a barrel. Investors anticipated the OPEC+ meeting for decisions on supply cuts into 2024. Brent crude futures dropped 0.5% to $80.21 a barrel, while US West Texas Intermediate crude futures stood at $75.18 a barrel, down 0.5%.