Rupee registers marginal improvement against US dollar
- Currency settles at 277.7 against greenback in inter-bank market
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.05% in the inter-bank market on Friday.
At close, the currency settled at 277.70, a gain of Re0.15 against the greenback.
On Thursday, the rupee had settled at 277.85, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar steadied against major peers on Friday, as investors awaited the US jobs report to confirm economic resiliency heading into the Federal Reserve’s monetary policy meeting and a close-call US presidential election next week.
The US dollar started the month off at a lower level after coming under pressure against the yen on Thursday.
But the greenback’s monthly gains in October were the biggest since September 2022, as investors pared back aggressive Fed rate cut bets and weighed the US election outlook.
Data overnight suggested upward price pressures continue to ease, adding to a trend of upbeat data and supporting bets that the Fed will cut interest rates by 25 basis points next week.
The US dollar index, which measures the greenback against six major currencies, last rose 0.06% to 103.94.
Oil prices, a key indicator of currency parity, extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, after reports Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
Brent crude futures were up $1.39, or 1.9%, at $74.20 a barrel by 0736 GMT.
US West Texas Intermediate crude rose $1.44, or 2.1%, to $70.70.
Inter-bank market rates for dollar on Friday
BID Rs 277.70
OFFER Rs 277.90
Open-market movement
In the open market, the PKR gained 7 paise for buying and 15 paise for selling against USD, closing at 276.80 and 278.63, respectively.
Against Euro, the PKR lost 56 paise for buying and 58 paise for selling, closing at 299.74 and 302.52, respectively.
Against UAE Dirham, the PKR gained 1 paisa for both buying and selling, closing at 75.26 and 75.96, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 73.52 and 74.16, respectively.
Open-market rates for dollar on Friday
BID Rs 276.80
OFFER Rs 278.63
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