Pakistani rupee records a gain against the US dollar
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Friday.
The local unit closed the day at 277.87, a gain of Re0.03 against the greenback.
On Thursday, the Pakistani rupee settled at 277.90 against the dollar.
Moreover, the dollar rose, and US Treasury yields rose on Friday and hovered near a 40-year peak against the yen, as a spike in oil prices and a renewed global trade war raised the stakes for inflation.
Sterling languished around a three-week low and bought $1.3313 in early Asia trade, after sliding nearly 0.5% overnight against a resurgent dollar.
The euro was similarly nursing losses and wobbled at $1.1376, drawing little support from the prospect of imminent European Central Bank rate hikes, while the dollar held near a three-week top against a basket of currencies at 101.45.
The dollar’s resurgence came as oil prices climbed back above $100 a barrel for the first time since May after Yemen’s Houthis struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint.
Oil futures prices fell over 3% on Friday but were still set for hefty weekly gains because of worsening disruption to energy flows in the Red Sea and fears of further escalation in the US-Israeli war with Iran.
Brent futures fell $3.59, or 3.57%, to $97.10 a barrel at 1240 GMT, having settled above $100 in the previous session for the first time since May after Houthis said they struck two Saudi oil tankers in the Red Sea.
Inter-bank market rates for the dollar on Friday
BID Rs 277.87
OFFER Rs 278.07
Open-market movement
In the open market, the PKR lost 1 paisa for buying and gained 4 paise for selling against USD, closing at 278.77 and 279.82, respectively.
Against Euro, the PKR gained 91 paise for buying and 1.01 rupee for selling, closing at 318.88 and 321.77, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 9 paise for selling, closing at 76.34 and 76.94, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and 12 paise for selling, closing at 74.69 and 75.24, respectively.
Reference Link:- https://www.brecorder.com/news/40431630
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
