RECORDER REPORT
KARACH: The Pakistani rupee registered minor improvement, appreciating 0.03% against the US dollar in the inter-bank market on Friday.
At close, the currency settled at 278.34, a gain of Re0.07, against the greenback.
On Thursday, the currency had settled at 278.41 against the US dollar.
In recent weeks, the domestic currency has largely been around 277-279 against the dollar.
Globally, the US dollar found its footing after data on Thursday showed the world’s largest economy expanded faster than expected and inflation slowed in the second quarter.
The dollar index, which measures the US unit versus six rivals, was little changed at 104.35.
The PCE data is expected to come in at 0.1% on a monthly basis.
The Fed meets next week and is expected to stand pat on rates this time but markets are fully pricing in a rate cut in September.
Traders also anticipate 66 basis points of easing this year.
Oil prices, a key indicator of currency parity, rose slightly on Friday but remained on track for a third straight week of declines due to weak demand in China, the world’s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.
Brent crude futures for September rose 15 cents, or 0.2%, to $82.52 a barrel by 0648 GMT.
US West Texas Intermediate crude for September increased 13 cents, also 0.2%, to $78.41 per barrel.
Open-market movement
In the open market, the PKR remained unchanged for buying and lost 12.00 paisa for selling against USD, closing at 278.50 and 279.82, respectively.
Against the Euro, the PKR lost 41 paise for both buying and selling, closing at 300.80 and 303.80, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.65 and 76.40, respectively.
Against the Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 73.90 and 74.61, respectively.
========================
Open Bid Rs 278.50
Open Offer Rs 279.82
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
========================
Open Bid Rs 278.34
Open Offer Rs 278.54
========================
RUPEE IN LAHORE Pak rupee witnessed no change against the US dollar while slight recovery against the British pound.
According to local market sources, the Pak rupee registered a closing of Rs 278.50 and Rs279.75 against the US dollar compared with the previous closing of Rs 278.50 and Rs 279.75, respectively.
So far as the British pound is concerned, the Pak rupee witnessed a closing of Rs 356.65 and Rs 360.20 against the last day closing of Rs 357.35 and Rs 360.85, respectively.
Copyright Business Recorder, 2024
