Intraday trade: Pakistani rupee gains 7 paisa against US dollar

WEB DESK: The Pakistani rupee (PKR) saw a slight improvement against the US dollar (USD) on Friday, appreciating by 0.03 per cent during the early hours of trading.

At the start of the session, the local currency was trading at Rs278.28, reflecting a gain of seven paisa against the greenback.

For the current fiscal year, the PKR has depreciated by 0.88 paisa or 0.00 per cent against the USD. However, it has gained Rs3.51 or 1.26 per cent since the beginning of the calendar year.

On the international front, the USD was set to end the week on a strong footing, approaching a two-year high on Friday.

This strength was driven by a hawkish US rate outlook, while the Japanese yen continued to weaken, hitting a fresh low. After significant movements in the previous session due to a broad rally in the dollar, global currencies took a breather.

The dollar remained firm, attempting to reach a new two-year peak against a basket of currencies, with the dollar index edging up 0.02 per cent to 108.45.

The greenback was poised to end the week with a 1.4 per cent gain, buoyed by expectations that US interest rates would remain elevated for an extended period. Markets are currently pricing in less than 40 basis points of rate cuts for 2025.

Attention is now focused on the release of core PCE price data — the Federal Reserve’s preferred inflation gauge — expected later on Friday, for insights into the outlook for the US economy.

Previous closing

In the previous trading session on Thursday, the PKR had weakened by 12.50 paisa or 0.04 per cent against the US dollar, closing at Rs278.35 compared to Rs278.23 the day before.

Performance against other major currencies:

British Pound: PKR appreciated by Rs1.85 or 0.52 per cent, closing at Rs351.04 compared to Rs352.89.

Euro: PKR strengthened by Rs2.39 or 0.82 per cent, settling at Rs289.47 from the previous Rs291.86.

Japanese Yen: PKR gained 3.38 paisa or 1.87 per cent, closing at Rs1.7779 from Rs1.8117.

Saudi Riyal: The PKR depreciated by 3.52 paisa or 0.05 per cent, closing at Rs74.08.

Swiss Franc: The PKR strengthened by Rs1.42 or 0.46 per cent, closing at Rs309.86.

UAE Dirham: The PKR weakened by 3.40 paisa or 0.04 per cent, settling at Rs75.78.

Chinese Yuan: The PKR appreciated by 5.20 paisa or 0.14 per cent, closing at Rs38.14 from Rs38.19.

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