Pakistani rupee records gain against US dollar
- Settles at 277.87 against greenback
The Pakistani Rupee gained slightly against the US Dollar, closing at 277.87, while the dollar strengthened globally amid rising oil prices and geopolitical tensions.
- Pakistani Rupee's marginal gain against the US Dollar.
- Global dollar strength and rising US Treasury yields.
- Oil price surge due to Middle East geopolitical tensions.
- Open and inter-bank market exchange rates.
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Friday.
The local unit closed the day at 277.87, a gain of Re0.03 against the greenback.
On Thursday, the Pakistani rupee settled at 277.90 against the dollar.
Moreover, the dollar rode US Treasury yields higher on Friday and hovered near a 40-year peak against the yen, as a spike in oil prices and a renewed global trade war raised the stakes for inflation.
Sterling languished around a three-week low and bought $1.3313 in early Asia trade, after sliding nearly 0.5% overnight against a resurgent dollar.
The euro was similarly nursing losses and wobbled at $1.1376, drawing little support from the prospect of imminent European Central Bank rate hikes, while the dollar held near a three-week top against a basket of currencies at 101.45.
The dollar’s resurgence came as oil prices climbed back above $100 a barrel for the first time since May after Yemen’s Houthis struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint.
Oil futures prices fell over 3% on Friday but were still set for hefty weekly gains because of worsening disruption to energy flows in the Red Sea and fears of further escalation in the US-Israeli war with Iran.
Brent futures fell $3.59, or 3.57%, to $97.10 a barrel at 1240 GMT, having settled above $100 in the previous session for the first time since May after Houthis said they struck two Saudi oil tankers in the Red Sea.
Inter-bank market rates for dollar on Friday
BID Rs 277.87
OFFER Rs 278.07
Open-market movement
In the open market, the PKR lost 1 paisa for buying and gained 4 paise for selling against USD, closing at 278.77 and 279.82, respectively.
Against Euro, the PKR gained 91 paise for buying and 1.01 rupee for selling, closing at 318.88 and 321.77, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 9 paise for selling, closing at 76.34 and 76.94, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and 12 paise for selling, closing at 74.69 and 75.24, respectively.
Open-market rates for dollar on Friday
BID Rs 278.77
OFFER Rs 279.82
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