Intra-day Update: Rupee Gains Ground Against US Dollar in Inter-Bank Market

The Pakistani rupee started its positive run against the US dollar on Friday, rising 0.86% during the first hours of trade in the interbank market.

At 10:15 a.m., the rupee was trading at 302.33, up Rs2.61 in the interbank market.

The rupee gained 0.67% on Thursday, closing at 304.94.

In a significant development, the top military brass reiterated their full support for ongoing efforts to boost socio-economic growth under the auspices of the Special Investment Facilitation Council (SIFC) and to assist the caretaker government in combating all illegal activities that undermine economic stability, growth, and investor confidence on Thursday.

In a related event, currency dealers reported that despite applauding the role of Chief of Army Staff (COAS) Asim Munir, Exchange Companies (ECs) relinquished $ 20 million to the inter-bank market over the last two days due to a lack of demand.

On Friday, the US dollar was on track for its longest weekly winning streak in nine years, boosted by a strong run of US economic data that has also cast doubt on the end of the Federal Reserve’s rate-hike cycle.

In early trade, the US dollar index, which measures the greenback against its major counterparts, was steady at 105.02, not far from the previous session’s six-month high of 105.15.

Oil prices, a crucial measure of currency parity, fell further on Friday, retreating from this week’s 10-month highs, as concerns about China’s slowing economy and a stronger US dollar canceled out gains prompted by supply curbs from major suppliers Saudi Arabia and Russia.

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