RECORDER REPORT
KARACHI: The Pakistani rupee registered a marginal increase against the US dollar, appreciating 0.03% in the inter-bank market on Friday.
At close, the local unit settled at 278.51, a gain of Re0.08 against the greenback.
On Thursday, the rupee had closed at 278.59 after a gain of Re0.02.
In recent weeks, the domestic currency has largely been around 277-279 against the dollar as Pakistan moves forward with its plan to win a longer and larger International Monetary Fund (IMF) bailout programme.
Globally, the US dollar was on the front foot, helped by gains against the euro and safe-haven bids as France’s snap vote call stoked fears of political uncertainty in the country and the wider euro zone bloc.
In the broader market, major currencies were struggling to make headway against a slightly stronger greenback on Friday, with sterling edging 0.08% lower to $1.2752.
It was set for a weekly gain of 0.3%.
Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased to a 10-month high last week while separate data pointed to producer prices unexpectedly falling in May, adding to bets the Fed could kick off its easing cycle in September.
The figures followed Wednesday’s US inflation reading which showed consumer prices were unexpectedly unchanged in May.
While the Fed, at the conclusion of its monetary policy meeting this week, struck a more hawkish tone than expected and projected only one rate cut for 2024, investors chose to focus on the softer-than-expected data instead, which has in turn sent Wall Street charging to record highs and Treasury yields falling.
Oil prices, a key indicator of currency parity, were stable on Friday and on course for their best week in more than two months after solid projections for crude oil and fuel demand.
Brent crude futures were down 19 cents, or 0.23%, at $82.56 a barrel by 1003 GMT.
West Texas Intermediate (WTI) US crude futures lost 32 cents, or 0.41%, to $78.30.
Brent and the US benchmark had gained nearly 4% over the week.
Open-market movement
In the open market, the PKR gained 5 paise for buying and remained unchanged for selling against USD, closing at 277.61 and 280.25, respectively.
Against Euro, the PKR gained 2.17 rupees for buying and 2.21 rupees for selling, closing at 294.07 and 296.87, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 74.84 and 75.55, respectively.
Against Saudi Riyal, the PKR gained 1.00 paisa for buying and 2 paise for selling, closing at 72.79 and 73.49, respectively.
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Open Bid Rs 277.61
Open Offer Rs 280.25
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 278.51
Open Offer Rs 278.71
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RUPEE IN LAHORE: Pak rupee sustained previous day position against the US dollar while gaining against the British pound.
According to local market sources, the Pak rupee registered a closing of Rs277.75 and Rs280.50 against the US dollar compared with the previous closing of Rs277.75 and Rs280.50, respectively.
So far as the British pound is concerned, the Pak rupee witnessed a closing of Rs349.70 and Rs353.20 against the last day closing of Rs350.55 and Rs354.00, respectively.
Copyright Business Recorder, 2024
