Rupee closes the week with marginal gain against the US dollar

Drop in oil prices eased pressure on Pakistan's currency as the rupee registered a gain against the US dollar, appreciating 0.19% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee closed at 177.50 after a day-on-day appreciation of 33 paisas or 0.19%.

Before Friday's gain, the local currency was approaching its all-time low against the US dollar, which was recorded in December last year when it closed at 178.24.

Rupee's gain comes as oil prices retreated on Friday as the disruption of Russian oil exports because of western sanctions outweighed the prospect of more Iranian supplies from a possible nuclear deal.

Rupee falls further against US dollar, nearing all-time low

Meanwhile, the central bank is also set to convene the monetary policy committee on Tuesday to announce the key interest rate.

Since the last MPC, there have been developments on the geopolitical and economic fronts, with the Russia-Ukraine conflict impacting markets globally, making the upcoming announcement all the more important.

Inter-bank market rates for dollar on Friday

BID Rs 177.40

OFFER Rs 177.50

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 178 and 179, respectively.

Against Euro, the PKR gained 1.10 rupees for buying and one rupee for selling, closing at 196 and 198, respectively.

Against UAE Dirham, the PKR lost 5 paisas for both buying and selling, closing at 48.32 and 48.80, respectively.

Against Saudi Riyal, the PKR gained 5 paisas for both buying and selling, closing at 46.85 and 47.30, respectively.

Open-market rates for dollar on Friday

BID Rs 178

OFFER Rs 179