Pakistani rupee strengthens slightly against US dollar at market open

KARACHI: The Pakistani rupee showed a modest gain against the US dollar on Friday, rising by 0.1 percent during early trading in the inter-bank market. By 10am, the local currency was quoted at Rs280.75, up by 28 paisa compared with Thursday’s closing rate of Rs281.03.

The slight appreciation comes as the US dollar remained largely steady in global markets. Investors are awaiting delayed inflation data in the United States, which is not expected to alter the Federal Reserve’s plans to cut interest rates next week.

Meanwhile, the Japanese yen held steady at 152.58 per US dollar after softening in the previous session. Japan’s core consumer prices remain above the central bank’s 2 percent target, keeping expectations alive for a near-term rate hike.

NBP releases forex rates for Friday

The National Bank of Pakistan released its daily foreign exchange rates on Friday, providing a benchmark for the day’s trading activity. The bank’s treasury management division reported the US dollar at TT buying and selling rates of 280.90 and 281.40 respectively. The euro was priced at 326.05 for buying and 326.63 for selling, while the British pound traded at 374.25 and 374.92.

Other currencies listed by the NBP included the Japanese yen at 1.8377 for buying and 1.8409 for selling, the Swiss franc at 352.91 and 353.54, and the Canadian dollar at 200.56 and 200.91.

The Australian dollar opened at 182.67 for buying and 183.00 for selling. Regional currencies such as the UAE dirham and Saudi riyal were quoted at 76.50 and 74.90 for buying, and 76.63 and 75.03 for selling, respectively.

The NBP rates offer traders and businesses insight into prevailing market conditions, although they are not applicable for transactions exceeding USD 5,000 or the equivalent in other currencies on a cumulative basis.