Rupee registers improvement against US dollar
- Currency settles at 279.86 against greenback
The Pakistani rupee registered slight improvement against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 279.86, a gain of Re0.01 against the greenback.
On Thursday, the local unit closed at 279.87.
Internationally, the US dollar was poised for its biggest weekly drop in a year after President Donald Trump’s Greenland threats and abrupt reversal unnerved investors.
The shifting geopolitical landscape has weighed on sentiment this week as Trump said he had secured US access to Greenland in a deal with NATO that came as he backed off tariff threats against Europe and ruled out taking the autonomous territory of Denmark by force.
The dollar has borne the brunt of investor angst in the currency markets as US assets were pummelled at the start of the week amid the intensifying geopolitical tensions.
The dollar index, which measures the US currency against six units, was at 98.366 after dropping 0.58% in the previous session, on course for a 1% slide, its worst weekly performance since January 2025.
The euro was steady at $1.1746, hovering near the three-week high it touched earlier this week, while sterling fetched $1.3496, near a two-week high hit in the previous session.
Oil prices, a key indicator of currency parity, rebounded on Friday after US President Donald Trump renewed threats against Iran, raising concerns of military action that could disrupt crude supplies while there are outages in Kazakhstan.
Brent crude futures for March rose $1.68, or 2.6%, to $65.74 a barrel by 1408 GMT. US West Texas Intermediate crude was up $1.63, or 2.8%, at $60.99.
Inter-bank market rates for dollar on Friday
BID Rs 279.86
OFFER Rs 280.06
Open-market movement
In the open market, the PKR gained 5 paise for buying and 2 paise for selling against USD, closing at 280.32 and 280.99, respectively.
Against Euro, the PKR lost 1.33 rupee for buying and 1.28 rupee for selling, closing at 328.96 and 331.94, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and 3 paise for selling, closing at 76.51 and 77.27, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 74.84 and 75.42, respectively.
Open-market rates for dollar on Friday
BID Rs 280.32
OFFER Rs 280.99