RECORDER REPORT
KARACHI: The Pakistani rupee strengthened against the US dollar, appreciating 0.01 percent in the inter-bank market on Friday.
At close, the local currency settled at 280.52, a gain of Re0.03 against the greenback.
On Thursday, the local unit closed at 280.55.
Globally, the US dollar was heading for its worst weekly performance since late July on Friday as traders ramped up bets for further monetary easing from the Federal Reserve next month, while liquidity was thinned by the US Thanksgiving holiday.
The dollar index, which measures the greenback’s strength against a basket of six major peers, was last trading up 0.1 percent at 99.624, recovering some ground after five days of decline, which pushed it to its worst one-week loss since July 21.
US Fed funds futures are pricing an implied 87 percent probability of a 25-basis-point cut at the Federal Reserve’s next policy meeting on December 10, compared to a 39 percent chance a week earlier, the CME Group’s FedWatch tool showed.
The yield on 10-year Treasury bonds was last up 0.8 basis point at 4.0037 percent, rebounding after five days of decline that saw the 4 percent threshold briefly crossed twice.
Oil prices, a key indicator of currency parity, were flat on Friday while US crude futures ticked higher as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated and traders kept an eye on Sunday’s OPEC+ meeting for clues about potential output changes.
US West Texas Intermediate crude futures resumed trading after being frozen due to a system outage at exchange operator CME Group, blamed on a cooling issue at CyrusOne data centres. Brent oil trades on the Intercontinental Exchange, or ICE.
Front-month Brent crude futures for January , which expire on Friday, were down 6 cents, or 0.09 percent, at USD63.28 a barrel at 10:11am EDT (1511 GMT). The more active February contract changed hands at USD62.96, up 9 cents, or 0.14 percent.
WTI crude traded at USD59.23 a barrel, up 58 cents, or 0.99 percent, from Wednesday’s close. There was no settlement on Thursday due to the Thanksgiving holiday in the United States.
Open-market movement
In the open market, the PKR gained 13 paise for buying and 4 paise for selling against USD, closing at 281.09 and 281.56, respectively.
Against Euro, the PKR gained 39 paise for buying and 49 paise for selling, closing at 324.91 and 327.96, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 3 paise for selling, closing at 76.63 and 77.37, respectively.
Against Saudi Riyal, the PKR gained 2 paise for buying and 7 paise for selling, closing at 74.91 and 75.49, respectively.
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Open Bid Rs 281.09
Open Offer Rs 281.56
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 280.52
Open Offer Rs 280.72
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RUPEE IN LAHORE: The Pakistani rupee stayed firm for the third consecutive day against the US dollar while improved versus the British pound, in the local currency market here on last business day of the week.
According to currency dealers, the rupee opened with a positive note and posted slight gains in midday session. However, later it turned volatile to close firmer. Dealers quoted the final buying and selling rate of the rupee as Rs 281.30 and Rs 281.60, respectively against the same rates of the previous day.
The rupee, however, showed some improvement versus the British pound, closing at Rs 371.00 and Rs 373.50, respectively on buying and selling counters, compared with last day’s value of Rs 371.00 and Rs 375.00, respectively.
Copyright Business Recorder, 2025
