Rupee marginally up against US dollar
- Currency settles at 278.34 against the greenback in inter-bank market
The Pakistani rupee registered minor improvement, appreciating 0.03% against the US dollar in the inter-bank market on Friday.
At close, the currency settled at 278.34, a gain of Re0.07, against the greenback.
On Thursday, the currency had settled at 278.41 against the US dollar.
In recent weeks, the domestic currency has largely been around 277-279 against the dollar.
Globally, the US dollar found its footing after data on Thursday showed the world’s largest economy expanded faster than expected and inflation slowed in the second quarter.
The dollar index, which measures the US unit versus six rivals, was little changed at 104.35.
The PCE data is expected to come in at 0.1% on a monthly basis.
The Fed meets next week and is expected to stand pat on rates this time but markets are fully pricing in a rate cut in September.
Traders also anticipate 66 basis points of easing this year.
Oil prices, a key indicator of currency parity, rose slightly on Friday but remained on track for a third straight week of declines due to weak demand in China, the world’s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.
Brent crude futures for September rose 15 cents, or 0.2%, to $82.52 a barrel by 0648 GMT.
US West Texas Intermediate crude for September increased 13 cents, also 0.2%, to $78.41 per barrel.
Inter-bank market rates for dollar on Friday
BID Rs 278.34
OFFER Rs 278.54
Open-market movement
In the open market, the PKR remained unchanged for buying and lost 12.00 paisa for selling against USD, closing at 278.50 and 279.82, respectively.
Against the Euro, the PKR lost 41 paise for both buying and selling, closing at 300.80 and 303.80, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.65 and 76.40, respectively.
Against the Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 73.90 and 74.61, respectively.
Open-market rates for dollar on Friday
BID Rs 278.50
OFFER Rs 279.82
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