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The Pakistani rupee registered gains for the third consecutive session against the US dollar, appreciating 0.1% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee settled at 281.4 after an increase of Re0.27.

On Thursday, the rupee had registered a marginal gain to settle at 281.67 against the US dollar.

In a key development, the SBP’s foreign exchange reserves recorded a notable increase of $ 1.3 billion during the two-week period supported by the arrival of the government of Pakistan official inflows from international financial institutions.

The SBP’s foreign exchange reserves witnessed an upward momentum during the last two weeks of December. Inflows worth $ 852 million were received during the week ended Dec 22, 2023, while inflows amounted to $ 464 million were arrived by Dec 29, 2023. Cumulatively, an amount of $ 1.316 billion landed in the SBP’s account during two weeks.

Sources said these inflows were received from the World Bank, Asian Development Bank and other financial institutions. Analysts said due to multilateral dollar inflows after IMF staff approval, Pakistan FX reserves reached a 23-week high.

Internationally, the US dollar was steady on Friday, heading for its strongest weekly performance since July on scaled back expectations of steep and early interest rate cuts this year ahead of closely watched US payrolls data later in the day.

US private employers hired more workers than expected in December, data showed on Thursday, pointing to persistent strength in the labour market that should continue to sustain the economy.

That helped the dollar shrug off weakness and against a basket of currencies, the US currency was last at 102.39 in early trade on Friday. The dollar index is up 1% for the week, its strongest performance since the week ending July 23.

The dollar’s rebound will be tested by the nonfarm payrolls report due later in the session. Economists polled by Reuters forecast that 170,000 jobs were created in December, fewer than the 199,000 in November.

Oil prices, a key indicator of currency parity, edged higher on Friday after minutes from a Federal Reserve meeting suggested inflation was under control and as US Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.

Brent crude futures were up 31 cents, or 0.4%, to $77.90 a barrel, while US West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $72.62 at 0557 GMT.

Both benchmarks, which are on track to end the first week of the year higher, had nearly recouped all losses from Thursday, when prices settled lower in a choppy session due to massive weekly gasoline and distillate stock builds.

Inter-bank market rates for dollar on Friday

BID                            Rs 281.40

OFFER                      Rs 281.60

Open-market movement

In the open market, the PKR gained 16.00 paisa for buying and 17.00 paisa for selling against USD, closing at 279.94 and 282.36, respectively.

Against Euro, the PKR gained 76.00 paisa for buying and 64.00 paisa for selling, closing at 305.69 and 308.65, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and lost 2.00 paisa for selling, closing at 76.35 and 77.05, respectively.

Against Saudi Riyal, the PKR lost 4.00 paisa for buying and 6.00 paisa for selling, closing at 74.62 and 75.29, respectively.

Open-market rates for dollar on Friday

BID                            Rs 279.94

OFFER                      Rs 282.36

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