The Pakistani rupee remained largely stable on Thursday, appreciating by 0.01% against the US dollar in the inter-bank market. The currency closed at 278.69, marking a modest gain of Re0.04 from the previous day’s close of 278.73, according to the State Bank of Pakistan (SBP).
In recent months, the rupee has hovered within the 277-279 range against the dollar, supported by positive economic indicators that have kept the currency steady.
Globally, the Japanese yen saw some recovery on Thursday after a sharp decline earlier in the week. The yen has experienced a volatile period, initially touching a seven-month high of 141.675 per dollar, a significant shift from the 38-year lows seen in early July. This volatility stems from soft US jobs data that raised recession concerns and a surprise interest rate hike by the Bank of Japan (BOJ), which prompted traders to exit carry trades—strategies where they borrow yen at low rates to invest in higher-yielding dollar assets.
The yen’s movements have impacted the US dollar index, which measures the greenback against six major currencies, including the yen. The index stood at 103.08, close to the seven-month low of 102.15 recorded earlier in the week.
Meanwhile, oil prices, a key factor influencing currency values, remained steady on Thursday after two consecutive sessions of gains. The market balanced growing supply risks in the Middle East against demand concerns, which had driven prices to their lowest levels since early 2024 at the start of the week. Brent crude futures fell by 16 cents, or 0.2%, to $78.17 a barrel, while US West Texas Intermediate crude declined by 9 cents, or 0.12%, to $75.14.
