Pakistan rupee records gain against US dollar

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

At close, the local currency settled at 278.05, a gain of Re0.01 against the greenback.

On Thursday, the rupee closed at 278.06 against the dollar.

Meanwhile, the US dollar eased a ​touch on Friday but was set to end the week little changed, with renewed safe-haven gains offset by receding expectations of ​a Federal Reserve rate hike.

Against the yen, the dollar stood at 162.36, not far from a four-decade high hit last week, and was on track for a weekly gain of more than 0.5%.

Traders have been on intervention watch for weeks as the yen continues to struggle ​below 160 per dollar, though a possible new approach to currency buying by Japanese officials has made it harder ​to anticipate when such a move might come.

Oil prices rose on Friday and were on track for weekly ‌gains as renewed US-Iran fighting disrupted shipping in the Strait of Hormuz, stoking concerns over supply disruptions.

Brent futures were up 24 cents, or 0.3%, at $76.54 a barrel by 1224 GMT. US West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to $72.17.

Inter-bank market rates for dollar on Friday

BID Rs 278.05

OFFER Rs 278.25

Open-market movement

In the open market, the PKR remained unchanged for buying and lost 8 paise for selling against USD, closing at 278.82 and 279.44, respectively.

Against Euro, the PKR lost 45 paise for buying and 29 paise for selling, closing at 319.78 and 322.63, respectively.

Against UAE Dirham, the PKR lost 3 paise for both buying and selling, closing at 76.10 and 76.69, respectively.

Against Saudi Riyal, the PKR lost 4 paise for buying and 3 paise for selling, closing at 74.50 and 74.99, respectively.

Open-market rates for dollar on Friday

BID Rs 278.82

OFFER Rs 279.44