RECORDER REPORT
KARACHI: The Pakistani rupee saw a marginal decline against the US dollar, depreciating 0.02% in the inter-bank market on Friday.
At close, the local currency settled at 281.66, a loss of Re0.05 against the greenback.
On Thursday, the rupee closed the day at 281.61.
Internationally, the US dollar fell in tandem with US Treasury yields on Friday after downside surprises on US economic data this week cemented bets of more Federal Reserve rate cuts this year.
The week started out with a mix of market tailwinds headlined by a US-China trade truce which propelled the US dollar higher, though the euphoria soon fizzled out and left currencies trading sideways.
Most of the action in the foreign exchange market came from the dollar’s moves against the South Korean won, where it fell sharply for two straight days on news that Washington and Seoul discussed the dollar/won market earlier this month.
The dollar last traded 0.14% lower at 1,394.70 won.
In the broader market, the US dollar was struggling to regain its footing after an overnight slide following data which showed US producer prices unexpectedly fell in April.
Against a basket of currencies, the US dollar fell 0.1% to 100.70, though it was on track for a marginal weekly gain of 0.3% thanks to its sharp 1.3% rise on Monday.
Markets are now pricing in roughly 56 basis points worth of Fed cuts by December, up from 49 bps the previous day.
Oil prices, a key indicator of currency parity, held steady on Friday, heading for a second consecutive weekly gain due to easing US-China trade tensions though a potential return of Iranian supply limited price gains.
Brent crude futures dipped 1 cent to $64.52 a barrel by 0326 GMT.
US West Texas Intermediate crude futures added 2 cents to $61.64.
Both contracts fell more than 2% in the previous session following a selloff due to the rising prospect of an Iranian nuclear deal.
President Donald Trump said the US was nearing a nuclear deal with Iran, with Tehran “sort of” agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve.
Open-market movement
In the open market, the PKR lost 15 paise for buying and remained unchanged for selling against USD, closing at 282.65 and 283.75, respectively.
Against Euro, the PKR lost 11 paise for buying and 3 paise for selling, closing at 315.96 and 318.56, respectively.
Against UAE Dirham, the PKR lost 6 paisa for buying and remained unchanged for selling, closing at 76.99 and 77.45, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and remained unchanged for selling, closing at 75.26 and 75.70, respectively.
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Open Bid Rs 282.65
Open Offer Rs 283.75
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 281.66
Open Offer Rs 281.86
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RUPEE IN LAHORE: The Pak rupee showed strength against the US dollar and the British pound.
According to local market sources, the Pak rupee closed at Rs 283.50 and Rs 283.75 against the US dollar compared to the previous closing of Rs 283.00 and Rs 283.75, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 376.10 and Rs 378.80 against the previous closing of Rs 377.75 and Rs 377.85 respectively.
Copyright Business Recorder, 2025
