RECORDER REPORT
KARACHI: The Pakistani rupee strengthened against the US dollar, appreciating 0.27% during trading in the inter-bank market on Friday.
At close, the currency settled at 283.45, a gain of Re0.77.
On Thursday, the currency settled at 284.22.
On week-on-week basis, the rupee gained 0.50% against the US dollar, which was the highest in the last 93 weeks, AKD Securities Limited said in a report.
Globally, the US dollar steadied near two-week lows on Friday, on track for its biggest weekly drop in a month, as investors contended with US tariff negotiations ahead of a deadline while looking ahead to central bank meetings next week for clues on policy.
Both the US Federal Reserve and the Bank of Japan are expected to hold rates at next week’s policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next move.
The prospect of rate hikes by the BOJ had improved, she added, after a trade deal struck with the United States this week lowered tariffs to 15% on auto imports from Japan.
The yen stood at 147.10 to the dollar, on course for a weekly gain of 1%, its strongest such performance since mid-May.
The dollar index, which measures the US currency against six other units, was at 97.448, set for a drop of 1% this week, its weakest performance in a month.
Oil prices, a key indicator of currency parity, were steady on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela.
Brent crude futures were up 38 cents, or 0.55%, at $69.56 a barrel by 1207 GMT. US West Texas Intermediate crude futures were up 36 cents, or 0.55%, at $66.39.
Brent was heading for a 0.4% weekly gain at that level, while WTI was down around 1.4% from where it closed last week.
Brent prices have been largely range-bound between $67 and $70 a barrel for the last month, since the sharp drop in prices in late June after de-escalation in the Iran-Israel conflict.
Open-market movement
In the open market, the PKR gained 79 paise for buying and 1.05 rupee for selling against USD, closing at 285.46 and 286.55, respectively.
Against Euro, the PKR gained 1.35 rupee for buying and 1.99 rupee for selling, closing at 334.25 and 336.36, respectively.
Against UAE Dirham, the PKR gained 30 paise for buying and 27 paise for selling, closing at 77.53 and 78.00, respectively.
Against Saudi Riyal, the PKR lost 65 paise for buying and gained 27 paise for selling, closing at 75.75 and 76.30, respectively.
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Open Bid Rs 285.46
Open Offer Rs 286.55
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 283.45
Open Offer Rs 283.65
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