The Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.06% during early trading hours in the inter-bank market on Friday. By 10 AM, the currency was trading at 278.53, reflecting a gain of Re0.17 against the greenback. This follows a closing rate of 278.70 on Thursday, as reported by the State Bank of Pakistan (SBP).
In recent months, the rupee has remained relatively stable, fluctuating between 277-279 against the dollar. Traders continue to monitor positive economic indicators that could influence the currency’s movement.
On the international front, the US dollar maintained strength, hovering near a two-week high against the Japanese yen. This was fueled by strong US economic data, which alleviated recession fears and led to a surge in Treasury yields. The dollar also performed well against other major currencies, including the sterling, which benefited from an improved economic outlook and a rally in equities.
The dollar index, which tracks the greenback against six major currencies, remained steady at 103.20 after a significant 0.41% rally, the largest since July 18.
Meanwhile, oil prices—a key factor in currency parity—dipped slightly in early Asian trading on Friday. Despite this, both Brent and US West Texas Intermediate (WTI) crude futures were poised for a second consecutive weekly gain, driven by investor optimism following robust US economic data. Brent crude fell by 0.2% to $80.88 per barrel, while WTI dropped by 0.3% to $77.93 a barrel. On a weekly basis, Brent and WTI were set to advance by 1.6% and 1.5%, respectively.
