Pakistani Rupee Inches Up as Global Dollar Rally Persists
The Pakistani rupee appreciated against the US dollar by 0.01% in the inter-bank market. It closed at 281.17, registering a gain of Rs0.03 against US dollar.
Earlier, the Pakistani rupee on Friday appreciated slightly against the US dollar in early trade and was up 0.08% against the US dollar.
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At 10am, the Pakistani rupee stood at 280.97 in the interbank market, recording a gain of Rs0.23 from Thursday’s close of 281.20.
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Dealers have said the modest recovery came as demand for dollars from importers remained steady. Exporters have continued to sell the US dollar at higher rates following recent volatility.
The dollar index measures the greenback’s strength against six major currencies. It hovered at 99.4 on Friday which was close to a two-month high and on track for a 1.7% weekly gain. The surge has been witnessed as the yen and euro posted steep losses amid political and policy uncertainty.
Internationally, the Japanese yen was tumbling around 4% as investors scaled back expectations of another interest rate hike by the Bank of Japan. The yen traded at 153.12 per US dollar in early Asian hours, near its.
The euro also faced pressure and was trading at $1.15635. It was staying close to two-month lows on Thursday. The common currency has come down about 1.5% for the week which is its steepest drop in nearly a year. Political turmoil in France weighed on investor confidence and pushed funds toward the dollar.
According to CME Group’s FedWatch Tool, markets are pricing in a 95% probability of a 25-basis-point rate cut at the Fed’s October meeting. Expectations of another cut in December have slipped slightly to 80% from 90% a week earlier.
