Rupee registers marginal gain against US dollar

The Pakistani rupee posted marginal gain, appreciating 0.01%, against the US dollar in the inter-bank market on Friday.

At close, the local currency settled at 278.12, a gain of Re0.03 against the greenback.

On Thursday, the local unit closed at 278.15.

Meanwhile, the US dollar was on track for the biggest ​weekly drop in nearly three months on Friday, after a tepid June jobs report pushed back ‌markets expectations for Fed rate hikes, providing some relief for the embattled yen.

Softness in the greenback continued in early Asian trade, with the euro hovering near its two-week peak at $1.1442. Sterling was also firm at $1.3361 and on track for a 1.2% weekly gain, its best in ​nearly three months.

The risk-sensitive Australian dollar fetched $0.6935, set to snap a four-week losing streak.

New Zealand’s kiwi ​traded at $0.5702, up 1.2% for the week.

The dollar index, which measures the greenback against a ⁠basket of currencies including the yen and the euro, was 0.2% lower at 100.77 after a 0.5% decline on ​Thursday. It is currently down 0.58% for the week, the biggest weekly drop since early April.

Furthermore, oil prices rose slightly on Friday before a long holiday weekend in the US.

Brent futures were up 17 cents, or 0.24%, to $72.10 a barrel as of 0155 GMT.

West Texas Intermediate was up 14 ​cents, or 0.20%, to $68.83 a barrel.

US markets will close on ​Friday ahead of the US Independence Day holiday on ⁠Saturday.

During the prior session the two benchmarks hit their lowest levels since ​before the US-Israeli war on Iran began in late February.