Pakistan rupee registers gain against US dollar

The Pakistani rupee extended its marginal gains against the US dollar on Friday.

The local unit closed the day at 277.41, a gain of Re0.01 against the greenback.

On Thursday, the Pakistani rupee settled at 277.42 against the dollar.

Moreover, the Japanese yen clung to its gains ​against the US dollar on Friday and was on track for its strongest week in more ‌than a month.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was flat at 99.01, leaving the euro flat at $1.1625 and sterling at $1.3527.

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 Friday

BID Rs 277.41

OFFER Rs 277.61

Open-market movement

In the open market, the PKR lost 3 paise for buying and remained unchanged for selling against USD, closing at 278.29 and 279.15, respectively.

Against Euro, the PKR lost 86 paise for buying and 83 paise for selling, closing at 322.53 and 325.32, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 75.68 and 76.29, respectively.

Against Saudi Riyal, the PKR gained 2 paise for buying and 4 paise for selling, closing at 73.95 and 74.49, respectively.

Open-market rates for dollar on Friday

BID Rs 278.29

OFFER Rs 279.15