In the opening hours of trading on Friday, the Pakistani rupee saw a slight appreciation against the US dollar, recording a 0.04% gain in the inter-bank market. At 10:20 am, the rupee stood at 277.82, reflecting a rise of Re0.11 compared to the greenback. This minor uptick follows Thursday’s stability, with the rupee settling at 277.93 against the US dollar, as reported by the State Bank of Pakistan (SBP).
Notably, the International Monetary Fund (IMF) has announced an Executive Board meeting slated for “late April,” signaling the release of approximately $1.1 billion in funds for Pakistan. Prime Minister Shahbaz Sharif emphasized the significance of a new IMF program for economic revitalization. Furthermore, the finance minister is set to depart for Washington to participate in the World Bank and IMF spring meetings, where discussions on a new program will take place.
On the global front, the US dollar maintained stability against its counterparts on Friday, rebounding from a two-week low. Traders are awaiting a crucial jobs report while expressing caution over Middle East tensions. Major currencies displayed subdued performance ahead of the March nonfarm payrolls report.
The dollar’s recent fluctuations, dropping from a five-month peak to a two-week low, were triggered by unexpected US services growth slowdown, fostering expectations of interest rate adjustments. Analysts are closely monitoring the forthcoming jobs data and inflation readings, which will influence the outlook for the Federal Reserve’s policy meetings in April and June. Economists anticipate the addition of 200,000 jobs in March.
Meanwhile, oil prices continued their ascent on Friday, marking a second consecutive weekly gain. Geopolitical tensions in Europe and the Middle East, coupled with concerns about tightening supply and optimism regarding global fuel demand growth, supported this upward trend. Brent crude rose to $91.05 a barrel, while US West Texas Intermediate crude reached $86.82 a barrel, both settling at their highest levels since October on Thursday.
