The Pakistani rupee registered a marginal increase against the US dollar, appreciating 0.12% during the opening hours of trading in the inter-bank market on Friday.
At 10am, the rupee was hovering at 279, an increase of Re0.34 against the greenback in the inter-bank market.
On Wednesday, the rupee registered a marginal gain to settle at 279.34 against the US dollar, according to the SBP.
Unofficial and preliminary results for the country’s general elections started to come in after millions of citizens exercised their right to vote on Thursday.
As per preliminary and unofficial results, PTI-backed independent candidates were ahead of their rival candidates in several NA seats early Friday.
Globally, the US dollar grounded towards a fourth weekly advance as traders dialled back bets on how quickly the Bank of Japan will raise interest rates and how soon the Federal Reserve will cut them.
The dollar index – which measures the currency against six major peers – was steady at 104.15, having gained 0.1% on Thursday after fresh data pointed to the resilience of the U.S. labor market, dealing another blow to bets for early Fed rate cuts.
For the week, the dollar index has climbed 0.18%, getting off to a strong start after blowout monthly payrolls data last Friday and a hawkish tilt from Fed Chair Jerome Powell in a “60 Minutes” interview aired Sunday.
The next major scheduled US data release is January’s Consumer Price Index (CPI) inflation reading on Tuesday.
Oil prices, a key indicator of currency parity, were little changed on Friday, staying on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas.
Brent crude futures slipped 1 cent to $81.62 a barrel by 0334 GMT, while U.S. West Texas Intermediate crude futures rose 3 cents to $76.25 a barrel.
Both benchmarks rose about 3% in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave.