Rupee sees further improvement against US dollar
The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Friday. The local unit closed the day at 277.25, a gain of Re0.01 against the greenback. On Thursday , the Pakistani rupee settled at 277.26 against the dollar. Globally, the Japanese yen got off to a weak start against the US dollar and the euro at the start of Asian trading on Friday, with currency…
The Pakistani rupee continued its gradual gains against the US dollar on Friday, closing at 277.25, up by Re0.01. The trend persisted from Thursday's settlement of 277.26. Meanwhile, the Japanese yen started the Asian trading session on a weak note, falling 0.1% to 156.19 per US dollar. Meanwhile, major currencies such as the British pound and euro remained stagnant.
The US dollar index, viewing the dollar's strength, showed minimal change at 100.2100. Traders anticipated a potential rate hike from the Federal Reserve, with Fed Funds futures indicating a 53% probability of a quarter-point increase in the upcoming two-day meeting. Oil prices continued their downward trend, declining for the third consecutive day amid easing concerns over Saudi supply disruptions and mounting Middle East conflict tensions.
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