Rupee sees marginal decline, settles at 277.9 against US dollar
- Currency depreciates 0.31% in inter-bank market
The Pakistani rupee sustained a marginal loss against the US dollar, weakening 0.31% in the inter-bank market on Friday.
At close, the currency settled at 277.90, a decrease of Re0.86, as per the State Bank of Pakistan (SBP).
On Thursday, the Pakistani rupee registered marginal appreciation against the US dollar, strengthening 0.13% to settle at 277.04 in the inter-bank market.
In a key development, foreign exchange reserves held by the State Bank of Pakistan (SBP) surged $393 million, clocking in at nearly $4.46 billion as of June 30, data released on Thursday showed.
The overall number stands at a critical level at around a month of import cover.
Globally, the US dollar held tight ranges on Friday as investors awaited a key U.S. jobs report and weighed the prospect of higher-for-longer Federal Reserve interest rates against the economic growth outlook.
The closely watched nonfarm payrolls report is due later on Friday, where expectations are for the U.S. economy to have added 225,000 jobs in June.
The release follows data on Thursday that showed private payrolls surged last month while the number of Americans filing new claims for unemployment benefits increased moderately last week, suggesting the labour market remained on solid ground.
The US dollar index rose 0.03% to 103.12, while yields on U.S. Treasuries hovered near their recent peaks.
Oil prices, a key indicator of currency parity, rose on Friday and were on track for their second straight weekly gain, as resilient demand resulted in a larger-than-expected fall in US oil stockpiles, offsetting fears of higher US interest rates.
Inter-bank market rates for dollar on Friday
BID Rs 276.30
OFFER Rs 276.50
Open-market movement
In the open market, the PKR lost 2.00 rupees for both buying and for selling, against USD, closing at 279.00 and 282.00, respectively.
Against Euro, the PKR lost 4.50 rupees for buying and 4.00 rupees for selling, closing at 303.00 and 306.00 respectively.
Against UAE Dirham, the PKR lost 1.30 rupee for both buying and selling, closing at 76.30 and 77.00, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 73.00 and 73.70, respectively.
Open-market rates for dollar on Friday
BID Rs 279.00
OFFER Rs 282.00
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