The Pakistani rupee remained stable against the US dollar on Friday, showing a slight gain of 0.01% during early trading hours. By 10 a.m., the rupee was trading at 278.03, an increase of 0.01 from the previous day’s closing rate of 278.04, as reported by the State Bank of Pakistan (SBP).
Global Currency Trends
Yen Strengthens Amid Tokyo Inflation Data
The Japanese yen surged by 1% to reach a six-week high of 150 per US dollar. This rise was driven by faster-than-expected inflation in Tokyo, bolstering expectations of a potential Bank of Japan interest rate hike in December.
US Dollar Faces Pressure During Thanksgiving
The US dollar weakened against major currencies due to thin trading during the US Thanksgiving holiday. Sterling reached its highest level since November 20, reflecting the dollar’s slide despite its recent gains.
Over the past month, the dollar index saw significant movement, climbing to a two-year high earlier in November. It is still on track for a 2% gain this month despite a 1.5% decline this week, with the index standing at 105.88, down 0.18%.
England’s Harry Brook Hits 2,000 Test Runs in Record Time
The dollar’s recent surge has been attributed to Donald Trump’s election victory on November 5, which spurred market expectations for increased fiscal spending, inflationary policies, and tighter trade borders.
Oil Prices Show Mixed Trends
Oil prices, a critical factor influencing currency parity, displayed mixed signals on Friday.
- Brent crude fell by 7 cents to $73.21 per barrel, a 0.1% decline.
- US West Texas Intermediate (WTI) rose by 38 cents, settling at $69.10 per barrel, marking a 0.55% increase.
Market activity was subdued due to the US Thanksgiving holiday, which kept financial markets closed on Thursday.
Supply Concerns and OPEC+ Decisions
Oil traders remained cautious as Israel and Hezbollah accused each other of violating a ceasefire, renewing concerns about supply risks. Additionally, delays in the OPEC+ meeting left markets uncertain about future output policies.
Follow Day News on Google News, Instagram, YouTube, Facebook, Whats App, and TikTok for latest updates