Intra-day update: rupee registers marginal improvement against US dollar

  • Currency hovers at 277-278 level against greenback in inter-bank market
01 Nov, 2024

The Pakistani rupee recorded marginal improvement against the US dollar, appreciating 0.06% during the opening hours of trading in the inter-bank market on Friday.

At 10am, the currency was hovering at 277.68, a gain of Re0.17 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, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.

Brent crude futures, which have rolled to the January contract, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT.

US West Texas Intermediate crude futures rose $1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session.

This is an intra-day update

Read Comments