Key Points
- Rupee gains Rs 0.01 against US dollar in interbank trade
- Open market sees minor mixed movement
- Global focus remains on central bank signals and oil prices
ISLAMABAD: The Pakistani rupee posted a marginal gain against the US dollar in the interbank market on Friday, according to data released by the State Bank of Pakistan (SBP), reflecting a stable demand-supply position for the greenback.
At close, the local currency settled at 280.25 per dollar, appreciating by Rs 0.01 compared to the previous session. On Thursday, the rupee had closed at 280.26.
Interbank market rates showed the dollar quoted at Rs 280.25 on the bid side and Rs 280.45 on the offer side, according to the SBP data.
Commenting on broader financial developments, Finance Minister Muhammad Aurangzeb said Pakistan was progressing with its inaugural Panda Bond issuance and was targeting $250 million under a wider $1 billion programme, signalling continued engagement with international capital markets.
In the open market, the rupee showed mixed movement against major foreign currencies, according to the Exchange Companies Association of Pakistan (ECAP). Against the US dollar, the local unit lost 2 paisa on the buying side and remained unchanged on the selling counter, closing at 280.72 and 281.30, respectively.
Against the euro, the rupee gained 25 paisa for buying and 26 paisa for selling, to close at 328.46 and 331.48. The local currency lost 2 paisa on both buying and selling against the UAE dirham, ending at 76.59 and 77.36. Against the Saudi riyal, the rupee lost 1 paisa for buying and remained unchanged for selling, closing at 74.80 and 75.39.
In global markets, the Japanese yen hovered near recent lows as investors awaited a policy decision from the Bank of Japan amid expectations of a 25-basis-point rate hike. The euro slipped slightly after the European Central Bank offered no clear guidance on future rate moves, keeping all options open.
The US dollar briefly weakened after an unexpected drop in US inflation, though uncertainty persisted due to data distortions linked to the government shutdown. Sterling steadied after the Bank of England cut interest rates to 3.75 per cent.
Oil prices, often watched as an indicator for currency parity, edged lower and were on track to close the week down for a second straight session. Brent crude slipped to around $59.73 per barrel, adding mild pressure to emerging market currencies.
