Pakistani Rupee Strengthens Slightly Against US Dollar

KARACHI – The Pakistani rupee appreciated by 0.03% against the US dollar in the inter-bank market on Friday, closing at 277.84. This marks a small gain of Re0.07 from Thursday’s closing rate of 277.91, as reported by the State Bank of Pakistan (SBP).

The rupee’s movement comes ahead of the International Monetary Fund (IMF) Executive Board meeting scheduled for September 25. The meeting will discuss Pakistan’s 37-month Extended Fund Facility (EFF) worth $7 billion.

Globally, the US dollar faced its own pressures, with markets expecting faster rate cuts in the US. The dollar gained 1.4% against the Japanese yen, closing at 142.84 for the week. However, it remains just above a one-year low, as the US dollar index is stuck at 100.69.

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In the open market, the rupee lost 3 paise for buying against the US dollar, closing at 279.44, while the selling rate remained unchanged at 280.70.

The rupee saw gains against other currencies. It appreciated 5 paise against the euro, closing at 308.87 for buying and 311.87 for selling. Against the UAE dirham, it gained 10 paise, closing at 75.45 for buying and 76.20 for selling. The rupee also strengthened against the Saudi riyal, gaining 5 paise for buying and 3 paise for selling, closing at 73.75 and 74.46 respectively.