RECORDER REPORT
KARACHI: The Pakistani rupee registered a marginal gain 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 Re0.09 against the greenback.
On Thursday, the rupee had closed at 278.60 after a fall of Re0.03.
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 pushed to a fresh eight-week top above 159 yen and clung close to a five-week peak to sterling on Friday, with the Federal Reserve’s patient approach to cutting interest rates contrasting with more dovish stances elsewhere.
The dollar index, which measures the currency against six major peers including the yen, sterling, euro and Swiss franc, spiked 0.41% overnight, turning positive for the week following a second successive rate cut at the Swiss National Bank and hints from the Bank of England for a reduction in August.
Meanwhile, the yen has continued to be on the back foot after the Bank of Japan’s decision last week to hold off on reducing bond-buying stimulus until its July meeting.
Oil prices, a key indicator of currency parity, were little changed on Friday but on course to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the US, the world’s biggest oil consumer.
Brent futures for August settlement were down 13 cents to $85.58 a barrel by 0927 GMT, while US West Texas Intermediate crude futures for August delivery were down 10 cents to $81.19. Prices have risen about 5% this month to their highest point in more than seven weeks.
Open-market movement
In the open market, the PKR lost 8 paise for buying and 5 paise for selling against USD, closing at 277.69 and 280.37, respectively.
Against Euro, the PKR lost 29 paise for buying and 24 paise for selling, closing at 294.94 and 297.79, respectively.
Against UAE Dirham, the PKR lost 20 paise for buying and 22 paise for selling, closing at 75.10 and 75.84, respectively.
Against Saudi Riyal, the PKR lost 11 paise for buying and 10 paise for selling, closing at 73.10 and 73.80, respectively.
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Open Bid Rs 277.69
Open Offer Rs 280.37
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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 its position against the US dollar while marginally 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 Rs348.55 and Rs352.00 against the last day closing of Rs348.95 and Rs352.40, respectively.
Copyright Business Recorder, 2024
