The Pakistani rupee experienced a slight increase against the US dollar, rising by 0.04% during the early trading hours of the inter-bank market on Friday.

At 9:45am, the currency stood at 280.12, reflecting a gain of Re0.11 against the dollar.

On Thursday, the rupee had finished at 280.23.

The US dollar showed strength against major currencies on Friday, following its best single-day performance in three weeks. This rise comes as the Federal Reserve indicated it is not in a hurry to cut interest rates.

The Australian and New Zealand dollars remained under pressure after sharp declines on Thursday, driven by concerns over the economic impact of President Trump’s aggressive global trade tariffs.

As of 0036 GMT, the US dollar index, which measures the dollar against a basket of six currencies, was stable at 103.81 after a 0.36% increase on Thursday. Earlier in the week, the index dropped to a five-month low of 103.19, having fallen from a peak of 110.17 in January, as initial hopes for expansive policies under Trump shifted to fears that the trade war he initiated could lead to a US recession.

The Fed recently kept interest rates unchanged and indicated the possibility of two quarter-point cuts later this year, maintaining the same median forecast as three months ago.

In early Asian trading on Friday, oil prices, which are significant for currency value, increased and were set to achieve their second consecutive week of gains. This rise was fueled by new US sanctions on Iran and an OPEC+ plan for seven members to reduce output, which heightened expectations for tighter supply.

Brent crude futures rose by 42 cents (0.6%) to $72.40 per barrel, while US West Texas Intermediate crude futures increased by 45 cents (0.6%) to $68.52 per barrel.

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Pakistani rupee steady against US dollar in interbank market

Pakistani rupee sees slight increase against US dollar in inter-bank market

Oil prices edge higher as dollar eases