RECORDER REPORT
KARACHI: The Pakistani rupee strengthened against the US dollar, appreciating 0.07% in the inter-bank market on Friday.
At close, the currency settled at 277.64, a gain of Re0.20 against the greenback.
On Thursday, the rupee had settled at 277.84, according to the State Bank of Pakistan (SBP).
In a key development, foreign exchange reserves held by the SBP increased by $18 million on a weekly basis, clocking in at $11.04 billion as of October 18, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $16.02 billion. Net foreign reserves held by commercial banks stood at $4.98 billion.
Internationally, the US dollar’s rally came to a pause on Friday after it surged to a three-month high earlier this week, underpinned by tempered expectations of aggressive Federal Reserve rate cuts and as market bets for a possible return of Donald Trump as US president ramp up.
Against the US dollar, the euro last bought $1.08225, some distance away from its low of $1.076125 hit earlier this week.
Still, the single currency remained on track for a 0.4% weekly loss.
Data on Thursday showed euro zone business activity stalled again this month, though the contraction in Germany - Europe’s largest economy - was less steep than the previous month.
Oil prices, a key indicator of currency parity, nudged higher on Friday and are on track for a weekly gain of more than 1%, as tensions in the world’s top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge.
Brent crude futures climbed 31 cents, or 0.4%, to $74.69 a barrel by 0642 GMT while US West Texas Intermediate crude was at $70.48 a barrel, up 29 cents, or 0.4%.
Oil traders are waiting for Israel’s response to a missile attack by Iran on Oct. 1 that may involve hitting Tehran’s oil infrastructure and disrupt supplies, although reports said Israel would strike Iranian military, not nuclear or oil, targets.
Open-market movement
In the open market, the PKR lost 5. paise for buying and gained 17 paise for selling against USD, closing at 276.75 and 278.62, respectively.
Against Euro, the PKR lost 64 paise for buying and 59 paise for selling, closing at 298.09 and 300.79, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 6 paise for selling, closing at 75.22 and 75.91, respectively.
Against Saudi Riyal, the PKR gained 6 paise for both buying and selling, closing at 73.46 and 74.10, respectively.
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Open Bid Rs 276.75
Open Offer Rs 278.62
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 277.64
Open Offer Rs 277.84
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RUPEE IN LAHORE: The Pak rupee presented a stable look at the weekend while sustaining against the US dollar and losing against the British pound.
According to local market sources, the Pak rupee closed at Rs 277.00 and Rs 278.50 against the US dollar against the previous closing of Rs 277.50 and Rs 278.50, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 357.10 and Rs 360.65 against the previous closing of Rs 358.70 and Rs 361.25, respectively.
Copyright Business Recorder, 2024
