Rupee registers gain against US dollar

The Pakistani rupee secured further gains against the US dollar, appreciating 0.01% in the inter-bank market on Friday.

At close, the local currency settled at 279.77, a gain of Re0.03 against the greenback.

On Thursday, the local unit closed at 279. 80.

Prime Minister Shehbaz Sharif on Friday announced a series of measures aimed at strengthening Pakistan’s industry, trade, and exports. The initiatives included a 300-basis-point cut in the refinance rate for exporters to 4.5% and reductions in industrial power tariffs and wheeling charges.

Internationally, the US dollar rose on Friday, paring its ​weekly slide, after US President Donald Trump said he would soon announce his nominee to head the Federal Reserve and ‌on optimism that Washington will avert a government shutdown.

Trump said he intends to name his pick to replace Fed Chair Jerome Powell on Friday, following reports that former Fed Governor Kevin Warsh visited the White House. In Japan, data showed inflation slowed in Tokyo but matched the central bank’s target.

The greenback clawed back some losses from this week as tensions between Trump and Cuba, Iran, Venezuela, Greenland and Europe caused some investors to lose confidence in US ‌assets.

The dollar index, which measures the greenback against a basket of currencies, rose 0.4% to 96.60, trimming its weekly decline to 0.9%.

Oil prices, a key indicator of currency parity, slipped on Friday on signs that the US may engage in dialogue with Iran over its nuclear programme, reducing concern over potential supply disruptions from a US attack.

Brent crude futures were down 21 cents, or 0.3%, at $70.50 a barrel by 1219 GMT. The March contract expires later on Friday. The more active April contract lost 45 cents, or 0.65%, to $69.14.

US West Texas Intermediate crude fell 38 cents, or 0.6%, to $65.04 a barrel.

Inter-bank market rates for dollar on Friday

BID Rs 279.77

OFFER Rs 279.97

Open-market movement

In the open market, the PKR lost 9 paise for buying and gained 6 paise for selling against USD, closing at 280.22 and 280.82, respectively.

Against Euro, the PKR gained 1.13 rupee for buying and 1.42 rupee for selling, closing at 333.72 and 336.84, respectively.

Against UAE Dirham, the PKR gained 1 paisa for both buying and selling, closing at 76.49 and 77.29, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 74.80 and 75.42, respectively.

Open-market rates for dollar on Friday

BID Rs 280.22

OFFER Rs 280.82