Pakistani rupee shows marginal improvement, gains 0.03% against US dollar

The Pakistani rupee (PKR) experienced a slight improvement, appreciating by 0.03 per cent against the US dollar (USD) in the inter-bank market on Friday. 

Closing at Rs279.41 after a gain of Re0.07 against the USD, as reported by the State Bank of Pakistan (SBP). On Thursday, the rupee had a marginal increase, settling at Rs279.48 against the USD, according to the SBP.

The government is reportedly scheduled to hold a session with the International Monetary Fund (IMF) in the next day or two, focusing on tariff rationalisation to reduce industry tariffs from 14 cents per unit to 11.75 cents per unit through a subsidy-neutral proposal.

Globally, the US dollar experienced a broad decline on Friday, influenced by positive risk sentiment following upbeat big tech earnings on Wall Street. Traders are anticipating US job data later in the day to assess the potential timing for the Federal Reserve to initiate rate easing.

Comparatively, against major currencies, the PKR depreciated by 2.71 rupees against the Euro, closing at 304.1 compared to the previous value of 301.39. 

The British Pound strengthened, becoming costlier by 2.93 rupees and closing at 356.46 compared to 353.52 from the previous day. 

The Swiss franc saw gains of 2.6 rupees, closing at 325.94, compared to 323.34 in the previous session. Against the Japanese yen, PKR lost 0.06 paisa, closing at 1.906 versus 1.906 a day ago. 

The Chinese Yuan gained 1.57 paisa, closing at 38.9171 against 38.9014 from the previous session.