Rupee slips lower against US dollar

The Pakistani rupee registered marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Friday.

At close, the currency settled at 278.47 for a loss of Re0.10 against the greenback.

The rupee settled at 278.37 on Thursday, according to the State Bank of Pakistan (SBP).

Internationally, the Japanese yen hovered near five-month low to the US dollar on Friday as the US Federal Reserve’s hawkish messaging contrasted with the Bank of Japan’s cautious approach to further policy tightening.

The yen traded at 157.725 per US dollar as of 0030 GMT, edging up 0.1% from Thursday, but still close to the low of that session at 158.09 per dollar, the yen’s weakest level since July 17.

The US dollar index, which measures the currency against the yen, euro, Sterling and three other major rivals, was steady at 108.09 and has been essentially in a holding pattern around that level all week. For the month, it is up 2.2%.

Many traders are on holiday around Christmas and the New Year.

Leading cryptocurrency bitcoin was steady at $95,660, slipping 1.2% this month, but after touching a record high of 108,379.28 on Dec. 17. It has surged about 125% so far this year.

Oil prices, a key indicator of currency parity, rose slightly on Friday and were on track for a weekly rise, spurred by expectations economic stimulus efforts will prompt a recovery in China, while a stronger dollar capped gains.

Brent crude futures rose 14 cents to $73.40 a barrel by 0750 GMT.

US West Texas Intermediate crude was at $69.79, up 17 cents, from Thursday’s close. On a weekly basis, Brent was up 0.6% and WTI rose 0.5%.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.47

OFFER                      Rs 278.67

Open-market movement

In the open market, the PKR lost 3 paise for buying and 11 paise for selling against USD, closing at 277.81 and 279.51, respectively.

Against Euro, the PKR lost 27 paise for buying and 32 paise for selling, closing at 288.07 and 290.12, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.56 and 76.05, respectively.

Against Saudi Riyal, the PKR lost 7 paise for buying and 5 paise for selling, closing at 73.85 and 74.35, respectively.

Open-market rates for dollar on Friday

BID                            Rs 277.81

OFFER                      Rs 279.51