RECORDER REPORT
KARACHI: The Pakistani rupee maintained its upward trend against the US dollar, with marginal appreciation of 0.01 percent in the inter-bank market on Thursday.
At close, the rupee settled at 281.92, a gain of Re0.03 against the greenback. This was rupee’s tenth successive gain against the greenback.
On Wednesday, the local unit had closed the session at 281.95.
The rupee has maintained a positive trajectory against the greenback in recent days on account of improved sentiment in the currency market amid an ongoing crackdown by law enforcement agencies against illegal currency dealers and smugglers. Internationally, the US dollar drifted on Thursday as investors fretted about the Federal Reserve’s independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates. Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the US central bank.
The Japanese yen held onto gains made in previous sessions and was little changed at 147.41 per dollar, while the euro was steady at $1.1642. Sterling last fetched $1.34535. That left the dollar index, which measures the US currency against six other peers, steady at 98.301.
Trump has repeatedly criticised Powell for being too slow to cut rates, stoking investor worries about the central bank’s independence and its credibility.
Oil prices, a key indicator of currency parity, rose 1 percent on Thursday, bolstered by signs of strong demand in the United States, with uncertainty over efforts to end the war in Ukraine also lending support.
Brent crude futures were close to a two-week high and up 64 cents, or around 1 percnt, to $67.48 a barrel at 1012 GMT. US West Texas Intermediate (WTI) crude futures were up 65 cents, or 1 percnt, to $63.36 a barrel.
Both contracts climbed over 1 percent in the prior session.
Open-market
movement
In the open market, the PKR gained 13 paise for buying and 9 paise for selling against USD, closing at 283.60 and 284.21, respectively.
Against Euro, the PKR lost 19 paise for buying and 10 paise for selling, closing at 329.28 and 330.87, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 77.16 and 77.40, respectively.
Against Saudi Riyal, the PKR gained 4 paise for buying and 5 paise for selling, closing at 75.44 and 75.65, respectively.
LAHORE
The Pakistani rupee remained strong both against the US dollar and the British pound.
According to local market sources, the Pakistani rupee closed at Rs 283.70 and Rs 284.20 against the US dollar compared to the previous closing of Rs 283.80 and Rs 284.30, respectively.
However, regarding the British pound, the Pakistani rupee closed at Rs 380.00 and Rs 382.35 against the previous closing of Rs 382.50 and Rs 383.80, respectively.
