Rupee records marginal gain against US dollar
KARACHI: The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 279.40, a gain of Re0.01 against the greenback. On Thursday, the local unit closed at 279.41.
Furthermore, the US dollar held broadly steady in early Asian trade on Friday and was poised for its steepest weekly gain in more than a year as the escalating conflict in the Middle East drove demand for safe-haven assets.
The euro and yen remained on the back foot as the crisis drove oil prices ever higher, spurring inflation risks in economies dependent on energy imports and upending expectations for policy by the Federal Reserve and other central banks.
The dollar index, which measures the greenback against a basket of currencies, was trading a touch lower by 0.06% at 99.00, still on course for a 1.4% gain this week that would be the most since November 2024.
The euro was little changed at $1.1612, while the yen tacked on 0.06% to 157.5 per dollar. Sterling was almost steady, up just 0.04% at $1.3361.
Oil prices, a key indicator of currency parity, was set on Friday for its strongest weekly gain since the extreme volatility of the COVID-19 pandemic in spring 2020, as conflict in the Middle East kept shipping and energy exports through the vital Strait of Hormuz halted.
Brent crude futures have surged nearly 22% this week, the biggest jump since May 2020 when a record OPEC+ production cut agreement prompted a recovery from pandemic lows. West Texas Intermediate has gained close to 27%, the most since April 2020.
On Friday, Brent extended its rally, rising $2.95, or 3.45%, to $88.36 per barrel at 1135 GMT. WTI rose $3.94, or 4.86%, to $84.95. Both benchmarks traded at their highest levels since 2024. Inter-bank market rates for dollar on Friday
In the open market, the PKR lost 7 paise for buying and remained unchanged for selling against USD, closing at 279.70 and 280.45, respectively. Against Euro, the PKR lost 35 paise for buying and 12 paise for selling, closing at 324.65 and 327.93, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 6 paise for selling, closing at 75.99 and 76.93, respectively. Against Saudi Riyal, the PKR gained 3 paise for buying and 5 paise for selling, closing at 74.18 and 75.12, respectively. Staff Report
