Intra-day update: rupee remains stable against US dollar

The Pakistani rupee remained largely stable against the US dollar, appreciating 0.01% during the opening hours of trading in the inter-bank market on Friday.

At 10am, the currency was hovering at 278.03, a gain of 0.01 against the greenback.

On Thursday, the rupee had settled at 278.04, according to the State Bank of Pakistan (SBP).

Internationally, the yen jumped as much as 1% to a six-week high at 150 per US dollar on Friday, after faster than expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month.

The US dollar sagged against most major peers in trading thinned by the US Thanksgiving holiday, with sterling at the highest since Nov. 20.

Despite the US dollar doldrums of the past week, following the currency’s surge to a two-year high against a basket of key rivals a week ago, it is still on track for a more than 2% gain for November, following its more than 3% leap last month.

Most of that has been on Donald Trump’s resounding election victory on Nov. 5, pumping up expectations of big fiscal spending, higher tariffs and tighter borders, all seen by economists as inflationary.

This week, the dollar index is on track for a 1.5% slide.

The dollar index was 0.18% weaker at 105.88.

Oil prices, a key indicator of currency parity, were mixed on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.

Brent crude futures fell by 7 cents, or 0.1%, to $73.21 a barrel by 0232 GMT. US West Texas Intermediate crude futures were at $69.10, up 38 cents, or 0.55%, compared to Wednesday’s closing price.

Trading remained thin due to the Thanksgiving holiday on Thursday that shut US financial markets.

This is an intra-day update