Rupee strengthens marginally against US dollar

The Pakistani rupee recorded a marginal increase against the US dollar, appreciating 0.03% in the inter-bank market on Friday.

At close, the local unit settled at 278.39, a gain of Re0.09 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee closed at 278.48, lower by Re0.08 or 0.03%.

In a key development, gross inflows under the Roshan Digital Account (RDA) rose to $7.66 billion by end of March 2024 since its launching in September 2020.

According to the SBP, Pakistan received fresh inflows of $182 million under RDA in March 2024 compared to $141 million arrived in Feb 2024, an increase of 29 percent.

Globally, the yen hit its weakest in three decades against the US dollar after the Bank of Japan left interest rates on hold on Friday, keeping traders on edge as to when and to what degree authorities in Tokyo may intervene.

Elsewhere the dollar had dipped on softer-than-expected US growth data, even as Treasury yields rose on a hotter-than-expected inflation indicator.

Oil prices, a key indicator of currency parity, rose on Friday, on track to end higher this week after two straight weeks of losses, after a top US official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.

Brent crude futures gained 19 cents, or 0.2%, to $89.20 a barrel at 0927 GMT, and US West Texas Intermediate crude futures rose by 25 cents, or 0.3%, to $83.82 a barrel.

Brent has gained 2.2% so far this week, while WTI is up 0.8%.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.39

OFFER                      Rs 278.59

Open-market movement

In the open market, the PKR lost 4.00 paisa for buying and remained unchanged for selling against USD, closing at 277.05 and 279.69, respectively.

Against Euro, the PKR lost 43.00 paisa for buying and 44.00 paisa for selling, closing at 294.76 and 297.48, respectively.

Against UAE Dirham, the PKR lost 1.00 paisa for buying and remained unchanged for selling, closing at 75.01 and 75.72, respectively.

Against Saudi Riyal, the PKR lost 2.00 paisa for buying and 3.00 paisa for selling, closing at 73.28 and 73.95, respectively.

Open-market rates for dollar on Friday

BID                            Rs 277.05

OFFER                      Rs 279.69