Pakistani Rupee Shows Minor Dip Against US Dollar

Desk

The Pakistani rupee remained relatively stable against the US dollar on Friday, with a slight depreciation of 0.01% in the inter-bank market. The currency ended the day at 278.05, a small drop of Re0.01 from the previous day’s closing rate of 278.04, according to the State Bank of Pakistan (SBP).

In global currency markets, the Japanese yen surged 1% to a six-week high of 150 per US dollar, supported by stronger-than-expected inflation in Tokyo, which raised expectations for an interest rate hike by the Bank of Japan next month. Meanwhile, the US dollar weakened against most major currencies, with the British pound reaching its highest level since November 20. Despite recent dips, the US dollar is still set for a more than 2% gain for November, following a significant surge in October driven by expectations of inflationary pressures linked to US fiscal policies.

Oil prices, which often influence currency values, fell on Friday and are heading for a weekly decline of over 3%, as fears over supply disruptions from the Israel-Hezbollah conflict eased. Brent crude futures dropped 55 cents to $72.73 per barrel, while US West Texas Intermediate (WTI) crude fell 20 cents to $69.52.

In the open market, the rupee gained 12 paisa for buying but lost 1 paisa for selling against the US dollar, closing at 277.31 for buying and 279.07 for selling. The rupee also weakened against the euro, UAE dirham, and Saudi riyal.

Inter-bank market rates for Friday: