Pakistan rupee records gain against US dollar
- Settles at 278.05 against US dollar
* Settles at 278.05
- Pakistani rupee's marginal gain against the US dollar.
- Global dollar performance and Federal Reserve rate hike expectations.
- Oil prices heading for weekly gains despite Friday's dip.
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 278.05, a gain of Re0.01 against the greenback.
On Thursday, the rupee closed at 278.06 against the dollar.
Meanwhile, the US dollar eased a touch on Friday but was set to end the week little changed, with renewed safe-haven gains offset by receding expectations of a Federal Reserve rate hike.
Against the yen, the dollar stood at 162.36, not far from a four-decade high hit last week, and was on track for a weekly gain of more than 0.5%.
Traders have been on intervention watch for weeks as the yen continues to struggle below 160 per dollar, though a possible new approach to currency buying by Japanese officials has made it harder to anticipate when such a move might come.
Furthermore, oil prices fell in early trading on Friday but remained on track for weekly gains as the United States and Iran continued trading strikes.
Concerns that accelerating inflation could soften oil demand weighed on the market and pressured prices.
Brent futures fell 6 cents, or 0.08%, to $76.24 a barrel by 0125 GMT.
US West Texas Intermediate (WTI) crude lost 4 cents, or 0.06%, to $72.04.
For the week, Brent was set for a 6% gain and WTI was headed for a 5% increase.
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