Rupee registers marginal gain against US dollar
- Settles at 278.12
The Pakistani rupee posted a marginal gain against the US dollar, which experienced its biggest weekly drop in nearly three months following a tepid US jobs report.
- US dollar's biggest weekly drop in three months.
- Impact of the June jobs report on Fed rate hikes.
- Performance of global currencies against the weaker dollar.
- Slight increase in oil prices before the US holiday.
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.
Oil prices were steady on Friday and little changed for the week as traders held on to hopes for a successful outcome from attempts to secure peace between the United States and Iran.
Brent futures were down 8 cents, or 0.11%, at $71.72 a barrel by 0109 GMT. West Texas Intermediate was down 22 cents, or 0.32%, at $68.47 a barrel.
Inter-bank market rates for dollar on Friday
BID Rs 278.12
OFFER Rs 278.32
Open-market movement
In the open market, the PKR lost 4 paise for buying and gained 6 paise for selling against USD, closing at 278.72 and 279.36, respectively.
Against Euro, the PKR lost 1.32 rupee for buying and 1.26 rupee for selling, closing at 318.85 and 322.12, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and 2 paise for selling, closing at 75.95 and 76.57, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and 5 paise for selling, closing at 74.29 and 74.88, respectively.
Open-market rates for dollar on Friday
BID Rs 278.72
OFFER Rs 279.36
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