” Interbank closing: PKR gains 0.1% against US dollar ” | GNN INFO

WEB DESK: In a positive turn of events, the Pakistani rupee (PKR) showcased resilience by registering successive gains against the US dollar (USD), appreciating by 0.1 per cent in the inter-bank market on Friday.

According to the State Bank of Pakistan (SBP), the local currency closed at 279.04, marking a gain of Re0.27 against the greenback.

While the PKR exhibited strength against the USD, it experienced a slight setback against other major currencies.

Notably, against the Euro, the local unit lost 97.09 paisa, closing at 305.2 compared to the previous value of 304.23.

The British Pound became pricier by 2.1 rupees, concluding at 357.68 in contrast to the previous day’s 355.59.

The Swiss franc also witnessed gains of 1.63 rupees, closing at 318.43 compared to the previous session’s 316.79.

Conversely, the PKR lost 0.06 paisa against the Japanese yen, settling at 1.8871 versus 1.8865 from the previous day. The Chinese Yuan experienced a marginal loss of 0.17 paisa, closing at 38.8 against 38.8 from the previous session.

Other notable currency movements included the Saudi Riyal closing at 74.4 with a loss of 6.53 paisa and the U.A.E. Dirham decreasing by 7.19 paisa from 75.97 a day ago to 76.04.

In a broader financial context, the current financial year has seen the PKR appreciate against the dollar by 6.95 rupees, or 2.49 per cent. Meanwhile, in the current calendar year, the PKR has gained 2.82 rupees, or 1.01 per cent.

In a significant development, Moody’s Investors Service (Moody’s) upgraded the outlook of Pakistan’s banking sector from ‘negative’ to’stable’ on Thursday. This positive shift is attributed to the easing of macroeconomic challenges and fiscal pressures.

In the global economic landscape, oil prices experienced an upswing on Friday, driven by increased demand in the United States and China.

Brent crude futures rose by 0.7 per cent to $83.54 a barrel, while US West Texas Intermediate crude futures increased by 0.9 per cent to $79.62.

Despite these gains, both contracts showed a slight decline for the week, with Brent and WTI down 0.1 per cent and 0.5 per cent, respectively.

Data from the Energy Information Administration revealed a decline in US gasoline inventories by 4.5 million barrels and distillate stockpiles by 4.1 million barrels, exceeding expectations and indicating robust demand in the market.

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