The Pakistani rupee strengthened against the US dollar, appreciating 0.08% in the inter-bank market on Friday.

At close, the currency settled at 277.74, a gain of Re0.21 against the greenback.

On Thursday, the rupee had settled at 277.95, according to the State Bank of Pakistan (SBP).

Globally, the US dollar took a breather on Friday, on track to cap off a wild week with a slight gain as markets weighed the impact of Donald Trump’s impending return to the White House and what that would mean for the US economy and its rate outlook.

The dollar further unwound some of its sharp gains from earlier in the week as traders closed out profitable bets on a Trump presidency after his election victory.

That helped lift sterling back toward the $1.30 mark, while the yen similarly got some respite and hovered closer to the 153 per dollar level.

The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as its policymakers began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year.

Fed Chair Jerome Powell said the results of Tuesday’s presidential election, which paved the way for a US chief executive who has pledged widespread deportation of immigrants, broad-based tariffs, and tax cuts, would have no “near-term” impact on US monetary policy.

Oil prices, a key indicator of currency parity, fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies.

Brent crude oil futures fell 53 cents, or 0.7%, to $75.10 per barrel by 0742 GMT.

US West Texas Intermediate (WTI) crude fell 63 cents or 0.9% to $71.74.

The benchmarks fell after rising nearly 1% on Thursday.

Inter-bank market rates for dollar on Friday

BID                            Rs 277.74

OFFER                      Rs 277.94

Open-market movement

In the open market, the PKR gained 13 paise for buying and 14 paise for selling against USD, closing at 276.83 and 278.74, respectively.

Against Euro, the PKR lost 16 paise for buying and 13 paise for selling,closing at 297.13 and 299.90, respectively.

Against UAE Dirham, the PKR gained 6 paise for buying and 4 paise for selling, closing at 75.26 and 75.97, respectively.

Against Saudi Riyal, the PKR gained 4 paise for buying and 6 paise for selling, closing at 73.52 and 74.14, respectively.

Open-market rates for dollar on Friday

BID                            Rs 276.83

OFFER                      Rs 278.74