Rupee registers gain against US dollar

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

The local unit closed the day at 277.00, a gain of Re0.01 against the greenback.

On Thursday, the Pakistani rupee settled at 277.01 against the dollar.

Internationally, the euro was headed for a fifth straight weekly drop on Friday, though there were ​signs the selling streak was losing momentum as France’s tumbling debt market stabilised and a decline in ‌US yields took some steam out of the dollar’s rally.

The common currency had hit a 17-month low of $1.1161 on Monday on market worries about France’s record high debt load and the difficult political path to budget cuts, in contrast with a robust-looking US dollar ​and US economy.

It has since recovered to trade at $1.1211, for a fall this week of 0.3% and a ​five-week drop of more than 3% on the US dollar.

The euro/sterling cross is also down 0.3% ⁠on the week to trade near a 16-month low at 84.74 pence. The euro/Swiss cross has steadied around 0.9324 ​francs per euro after notching last week its biggest weekly fall in 17 months.

France’s far-right presidential ​candidate Marine Le Pen presented plans this week to cut the budget deficit, which markets took as reassuring given hard-left ​rival Jean-Luc Melenchon has asked the central bank to cancel government debts.

Elsewhere, ​the US dollar’s moves were small ​and gains slowed as US ⁠yields headed for their biggest weekly drop in about three months, with the market rallying strongly overnight.

Oil prices, a key indicator of currency parity, fell on Friday as Middle East supply concerns eased after US President Donald Trump said it will not attack Iran before US elections next month amid productive talks to end their war that has disrupted global energy markets.

Brent crude futures fell $1.37, or 1.3%, to $102.91 a barrel by 0450 GMT.

US West Texas Intermediate (WTI) crude futures fell $1.09, or 1.2%, to $90.40.