Rupee registers gain 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 277.16, a gain of Re0.01 against the greenback. On Thursday , the Pakistani rupee settled at 277.17 against the dollar. Internationally, the US dollar was set for its first back-to-back weekly gains in more than three months on Friday, as surging Treasury…
The Pakistani rupee experienced a slight increase against the US dollar on Friday, settling at 277.16, marking a gain of Re0.01. This improvement comes as the US dollar reached its first consecutive weekly gains in over three months, driven by rising Treasury yields and expectations of further Federal Reserve rate hikes. Meanwhile, the euro and the British pound weakened, with the euro hitting a two-month low and the pound nearing a three-month low.
Market reactions to the Federal Reserve's policy tightening and robust economic data, along with energy supply concerns, have contributed to the dollar's strength. The dollar index rose more than 1% this week, marking its first back-to-back weekly gains since June. However, this rally showed signs of losing momentum, falling slightly to 101.2.
Oil prices, which impact currency parity, experienced a minor decline due to speculation surrounding a potential US-Iran truce and the Houthi rebels' attack on Saudi Arabia.
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- Rupee registers gain against US dollar brecorder.com
