The Pakistani rupee extended its marginal gains against the US dollar on Friday.
The local unit closed the day at 277.56, a gain of Re0.01 against the greenback.
On Thursday, the Pakistani rupee settled at 277.57 against the dollar.
The dollar was on shaky ground and set for a weekly loss on Friday, as investors viewed the US Treasury’s bond buyback gambit as merely a temporary fix, while raising fresh concerns about officials’ increasingly interventionist approach.
Against a weaker dollar, the euro was perched near a three-month high, and last bought $1.1685, on track for a weekly rise of 1%.
Sterling flirted with a six-month peak and edged 0.08% higher to $1.3643, taking its gains for the week thus far to 0.8%.
The greenback was meanwhile on track for a weekly fall of more than 0.8% and was last at 98.82, languishing near a three-month low against a basket of six other currencies.
Furthermore, oil prices were steady on Friday and were on track for a second straight weekly gain after the United States threatened to impose the toughest sanctions in history with no end in sight for disruptions to Middle East oil flows.
Brent crude futures rose 20 cents, or 0.21%, to $93.98 a barrel by 1307 GMT. US West Texas Intermediate crude was up 7 cents, or 0.08%, at $86.90.
Inter-bank market rates for dollar on Friday
BID Rs 277.56
OFFER Rs 277.76
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 278.26 and 279.28, respectively.
Against Euro, the PKR lost 30 paise for buying and 25 paise for selling, closing at 323.61 and 326.72, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.57 and 76.28, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 73.83 and 74.47, respectively.
Open-market rates for dollar on Friday
BID Rs 278.26
OFFER Rs 279.28
Comments