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.
Moreover, brent oil prices hovered above $100 per barrel on Friday while heading for their fourth week of gains, driven by concerns about disrupted energy flows in the Red Sea and fears of further escalation in the US-Israeli war on Iran.
Brent futures advanced 37 cents, or 0.37%, to $101.06 a barrel at 0330 GMT, having settled up 7% above $100 in the previous session for the first time since May, after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea.
The contract remained on course for a 14.6% advance this week.
West Texas Intermediate (WTI) futures were little changed at $91.20 a barrel, their highest level since June 11 and on track for an 11.8% weekly rise.
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