Pakistani Rupee Shows Marginal Gain Against US Dollar
During Friday’s opening trade, the Pakistani rupee demonstrated relative stability against the US dollar, experiencing a slight appreciation of 0.01% in the inter-bank market.
At approximately 10:00 AM, the rupee was recorded at 281.50, reflecting an increase of Re0.02 against the dollar. The previous day, Thursday, concluded with the rupee at 281.52.
Internationally, the US dollar was on track for weekly gains against most major currencies. This was influenced by a recent U.S.-UK trade agreement, which has fostered optimism for advancements in forthcoming US-China discussions. Furthermore, expectations for imminent rate cuts by the U.S. Federal Reserve have diminished after indications of a more cautious approach.
Global financial markets are keenly focused on the trade negotiations scheduled between Washington and Beijing in Switzerland over the weekend.
The euro remained stable in Asian morning trading but showed a weekly decrease of 0.6%, reaching $1.1217. The yen weakened by around 0.7% during the week, hitting a one-month low of 146.18 per dollar before stabilizing at approximately 145.78.
The British pound initially surged following reports of an impending US-UK trade accord but relinquished those gains when the agreement’s limitations became apparent, falling to a three-week low of $1.3220 in early Friday trading.
The “general terms” agreement provides slightly improved agricultural access for both nations and reduces high US tariffs on UK car exports while maintaining the baseline 10% rate.
Oil prices, a crucial indicator of currency values, saw minimal change early Friday after a surge of over 3% the previous day. Easing trade tensions between the US and China, major oil consumers, and the UK’s announcement of a trade deal with the United States contributed to this stability.
Brent crude increased by 7 cents, or 0.1%, to $62.91 a barrel, and U.S. West Texas Intermediate crude also rose by 7 cents, or 0.1%, to $59.98 a barrel as of 0121 GMT. On Thursday, Brent closed up 2.8% at $1.72, while WTI increased by 3.2% to $1.84.
This information is an intra-day market update.
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