News Headline

 Intra-day update: rupee inches upward against US dollar

Currency hovers at 281-282 level in inter-bank market

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Thursday.

At 10am, the rupee was hovering at 281.53, a gain of Re0.14 against the greenback.

On Thursday, the local unit closed at 281.67.

Internationally, the US dollar mostly held its ground on Friday as bond markets stabilised and traders awaited key US jobs data expected to firm up the case for an interest rate cut by the Federal Reserve.

The greenback inched up in US hours on Thursday and was poised for a second straight weekly gain on relatively light trading and as investors refrained from big moves ahead of the payrolls figures.

Data on Thursday showing higher-than-expected applications for jobless benefits in the United States served as a prelude to the more critical non-farm payrolls report that will feed into the Fed’s policy decision this month.

Bonds rallied in the US, Europe, and Japan after fiscal concerns spurred a run-up in long-term yields. The yen edged higher as Japan’s chief trade negotiator spelled out details of a solidified trade deal with the US

Concerns about US President Donald Trump’s meddling with the Fed policy and his unpredictable tariffs have compelled investors to be shy of holding dollar assets of late, said Bart Wakabayashi, the Tokyo Branch Manager of State Street.

The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was little changed at 98.207, set for a 0.4% gain this week.

The greenback dropped 0.2% to 148.22 yen. The euro was up 0.1% on the day at $1.1656.

Oil prices, a key indicator of currency parity, drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.

Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while US West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29.

This is an intra-day update

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