Rupee inches up against US dollar

The Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Friday.

At close, the local currency settled at 278.70, a gain of Re0.01 against the greenback.

On Thursday, the local unit closed at 278.71.

Meanwhile, the US dollar started Friday’s Asian session on a firm footing against most major currencies after renewed hostilities broke out between the US and Iran, while the Japanese yen ​held largely steady following fresh verbal jawboning from Tokyo.

The dollar index measured against key peers was a touch firmer at 98.235.

Sterling traded at $1.3555, headed for its first weekly loss since March, as ‌investors awaited ⁠local election results that could heap further political pressure on Prime Minister Keir Starmer.

The euro was steady at $1.1727, poised to end the week a touch firmer.

The Australian dollar fetched $0.72059, and the New Zealand kiwi changed hands at $0.59365, both on track to post a winning week on improved risk appetite in earlier days.

On the other hand, oil prices rose about 1% on Friday.

Brent crude futures were up $1.20, or 1.2%, at $101.26 a barrel as of 0356 GMT. West Texas Intermediate (WTI) US crude futures rose by 85 cents, or 0.9%, to $95.66 a barrel.

The benchmarks were up more than 3% at market open.

Inter-bank market rates for dollar on Friday

BID Rs 278.70

OFFER Rs 278.90

Open-market movement

In the open market, the PKR gained 4.00 paisa for buying and 5.00 paisa for selling against USD, closing at 279.14 and 279.93, respectively.

Against Euro, the PKR gained 24.00 paisa for buying and lost 8.00 paisa for selling, closing at 327.40 and 330.51, respectively.

Against UAE Dirham, the PKR gained 2.00 paisa for buying and 4.00 paisa for selling, closing at 75.98 and 76.81, respectively.

Against Saudi Riyal, the PKR lost 1.00 paisa for buying and 5.00 paisa for selling, closing at 74.33 and 75.08, respectively.

Open-market rates for dollar on Friday

BID Rs 279.14

OFFER Rs 279.93