The Pakistani rupee saw marginal improvement against the US dollar as it appreciated 0.06% during the opening hours of trading in the inter-bank market on Friday.
At 10am, the rupee was hovering at 285.10, an increase of Re0.17 in the inter-bank market.
On Thursday, the rupee registered marginal losses to settle at 285.27 against the US dollar.
In a key development, Caretaker Federal Minister for Finance Dr Shamshad Akhtar on Thursday said political and economic instability over a period of time has greatly disrupted Pakistan’s economic growth.
Addressing the 26 Sustainable Development Conference (SDC) organised by the Sustainable Development Policy Institute (SDPI) the minister said economic growth has to be backed by structural reforms.
Internationally, the US dollar was restrained on Friday by uncertainty over the path of U.S. interest rates, while the euro held overnight gains as data hinted that the downturn in the eurozone may be easing.
With US markets closed on Thursday and due for a shorter trading session on Friday for Thanksgiving, currencies are likely to trade narrowly but with some volatility as liquidity is expected to remain thin.
The dollar index, which measures the U.S. currency with six peers, eased 0.029% to 103.73, staying close to the two-and-a-half-month low of 103.17 it touched earlier this week.
The index is down 2.8% for the month, on course for its weakest monthly performance in a year on rising expectations that the Federal Reserve is done raising interest rates and could start cutting rates next year.
Oil prices, a key indicator of currency parity, rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts.
Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session.
US West Texas Intermediate crude slid 38 cents, or 0.5%, to $76.72, from its Wednesday close. There was no settlement for WTI on Thursday as it was a U.S. public holiday.
This is an intra-day update
Source: brecorder.com
