Rupee gains ground against US dollar

ISLAMABAD: The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Friday.

At close, the local currency settled at 279.01 against the greenback. On Wednesday, the local unit closed at 279.02.

Moreover, the dollar on Friday was heading for its largest weekly drop since January as other currencies gained on optimism that a ceasefire in the Gulf will hold and oil shipping will resume.

The euro has rallied through its 200-day moving average this week to trade at $1.1690, a break of chart resistance that opens the way to further gains. The risk-sensitive Australian and New Zealand dollars are ⁠looking at weekly rises of nearly 3% on the dollar, with the Aussie trading just above 70 cents and the kiwi at $0.5847.

Sterling has shot up 1.8% this week and above its 200-day moving average to $1.3424. Oil prices were poised for their biggest weekly declines since last June but remain elevated near $100 a barrel on concerns over supplies from Saudi Arabia and limited flows through the Strait of Hormuz.

Brent crude futures were up 5 cents, or 0.05%, at $95.97 a barrel by 1150 GMT. West Texas Intermediate futures rose 24 cents, or 0.25%, to $98.11.

Both contracts have lost about 12% this week after Iran and the U.S. agreed on Tuesday to a two-week ceasefire brokered by Pakistan. Staff Report