Pakistan rupee records gain against US dollar
- Currency settles at 277.42 against greenback
The Pakistani Rupee gained slightly against the US Dollar, closing at 277.42, amidst Pakistan's successful $3 billion Eurobond sale and global currency shifts.
- Pakistan's successful $3 billion Eurobond sale.
- Global currency market shifts, including yen and dollar.
- Rising oil prices amid Middle East tensions.
- Inter-bank and open-market exchange rates.
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Thursday.
The local unit closed the day at 277.42, a gain of Re0.03 against the greenback.
On Wednesday, the Pakistani rupee settled at 277.45 against the dollar.
Pakistan has raised $3 billion through a dual-tranche Eurobond sale that drew nearly $6 billion in orders, according to a statement from Finance Division on Thursday. The country raised $1.75 billion through a 5.5-year bond at a coupon rate of 7.5% and $1.25 billion through a 10-year bond at 7.9%, it said.
Globally, the yen held its gains on Thursday after a sudden, brief surge in the previous session that traders suspect may have been driven by government authorities, keeping pressure on the dollar ahead of a crucial US jobs report.
The yen was last steady at 158.88 per US dollar, having jumped 0.9% overnight, in a move that left market participants on alert for an official intervention from Tokyo.
Since a rare joint yen-buying intervention between the US and Japan on July 31, the yen has struggled to find lasting support, coming under pressure from still-wide interest rate differentials, fiscal worries and a renewed spike in energy prices.
In the broader market, the strength in the yen left the US dollar on the back foot, with the euro up marginally to $1.1589. Sterling attempted a bounce from a three-week low, and last bought at $1.3482.
Against a basket of currencies, the US dollar eased 0.04% to 99.56.
Meanwhile, oil prices hit fresh six-week highs on Thursday after new US strikes on Iran and renewed Israeli threats against Tehran heightened concerns about disruptions to Middle East supplies.
Brent crude futures were up $1.66, or 1.7%, at $97.29 a barrel by 1200 GMT, erasing earlier losses, while US West Texas Intermediate crude futures rose $2.03, or 2.2%, to $93.04. Both contracts were heading for their fourth day of gains and hit six-week highs earlier in the session.
Inter-bank market rates for dollar on Thursday
BID Rs 277.42
OFFER Rs 277.62
Open-market movement
In the open market, the PKR gained 7 paise for buying and 3 paise for selling against USD, closing at 278.26 and 279.15, respectively.
Against Euro, the PKR lost 62 paise for buying and 48 paise for selling, closing at 321.67 and 324.49, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 75.68 and 76.28, respectively.
Against Saudi Riyal, the PKR lost 5 paise for both buying and selling, closing at 73.97 and 74.53, respectively.
Open-market rates for dollar on Thursday
BID Rs 278.26
OFFER Rs 279.15
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