Rupee registers minor gain against US dollar
- Currency settles at 278.38 against the greenback in the inter-bank market
The Pakistani rupee registered marginal improvement, appreciating 0.04% against the US dollar in the inter-bank market on Friday.
At close, the local unit settled at 278.38, a gain of Re0.12 against the greenback, according to the State Bank of Pakistan (SBP).
On Thursday, the local unit had settled at 278.50 against the US dollar.
In a key development, the country’s total liquid foreign exchange reserves recorded an increase of over $5 billion during the last fiscal year (FY24).
According to State Bank of Pakistan’s statistics, Pakistan’s foreign exchange position improved during the last fiscal year supported by arrival of inflows from the international financial and multilateral agencies.
Globally, the US dollar was hovering near three-week lows on Friday ahead of payrolls data that will likely influence the outlook for rates, while the pound was firm as the Labour party looked set to win a massive majority in the UK general election.
It is up 0.9% for the week, its best weekly performance since mid-May and remains the strongest-performing major currency against the dollar this year with a gain of 1.2%.
Centre-left Labour was on course to capture 410 of the 650 seats in parliament, a majority of 170 seats and affording investors some much-needed certainty after years of market volatility under the Conservatives.
US traders return from their July 4th holiday and the spotlight will firmly be on non-farm payrolls, due later on Friday. The report is expected to show an increase of 190,000 jobs in June after a rise of 272,000 in May, according to a Reuters poll of economists.
Oil prices, a key indicator of currency parity, were little changed on Friday, trading near their highest since late April and on track for a fourth straight week of gains, driven by hopes of strong summer fuel demand and some supply concerns.
Brent crude futures was up 11 cents, or 0.13%, at $87.54 a barrel by 0817 GMT.
US West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.29%, to $84.12.
Inter-bank market rates for dollar on Friday
BID Rs 278.38
OFFER Rs 278.58
Open-market movement
In the open market, the PKR lost 6.00 paisa for buying and 12.00 paisa for selling against USD, closing at 277.81 and 280.35, respectively.
Against Euro, the PKR lost 96.00 paisa for buying and 98.00 paisa for selling, closing at 298.09 and 301.00, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 1.00 paisa for selling, closing at 75.19 and 75.93, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 1.00 paisa for selling, closing at 73.40 and 74.10, respectively.
Open-market rates for dollar on Friday
BID Rs 277.81
OFFER Rs 280.35
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