Intra-day Update: Rupee Records Slight Gain Against US Dollar

The Pakistani rupee gained somewhat against the US dollar, gaining 0.16% in the first hours of trading on Friday.

At 10:10 a.m., the rupee was trading at 286.75, up Re0.45 in the interbank market.

The rupee gained some ground versus the US dollar on Thursday, rising 0.76% to 287.20.

On Thursday, the National Assembly passed the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023, in an effort to deal with money-laundering offenses and to further strengthen existing laws to effectively check illegal/corrupt practices.

Separately, the central bank’s foreign exchange reserves declined $32 million in a week, to almost $8.15 billion as of July 27.

The country’s total liquid foreign reserves were at $13.46 billion.

Internationally, the US dollar retreated from a four-week high against major peers on Friday, as investors awaited a vital employment report that might affect US interest rate policy.

In early Asia, the US dollar index, which measures the currency against a basket of six rivals, fell 0.07% to 102.38.

On Thursday, it reached its highest level since July 7 at 102.84 but lost steam later in the day as the monthly nonfarm payrolls report loomed on Friday.

Oil prices, a major sign of currency parity, increased for a second day on Friday, putting them on track for a sixth week of rises after Saudi Arabia and Russia, the world’s second and third-largest crude producers, vowed to cut output through next month.

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