The Pakistani rupee saw a minor uptick against the US dollar, gaining 0.07% during the initial trading hours in the inter-bank market on Friday.
By 10:20 am, the rupee stood at 278.28, marking an increase of Re0.20 compared to the previous day’s close.
On Thursday, the rupee concluded at 278.48, showing a marginal decline of Re0.08 or 0.03%.
In a significant development, gross inflows through the Roshan Digital Account (RDA) reached $7.66 billion by the end of March 2024 since its launch in September 2020.
As per the State Bank of Pakistan (SBP), Pakistan observed a rise in fresh inflows under the RDA, reaching $182 million in March 2024 compared to $141 million in February 2024, marking a 29% increase.
On Friday, the yen reached its weakest point against the US dollar in three decades globally, following the Bank of Japan’s decision to keep interest rates unchanged.
This decision left traders anxious about potential interventions by Tokyo authorities, raising uncertainties about the timing and extent of such actions.
Meanwhile, the dollar experienced a dip due to softer-than-expected US growth data, despite a rise in Treasury yields fueled by a higher-than-anticipated inflation indicator.
In early trading on Friday, oil prices, often seen as a significant indicator of currency stability, climbed. This uptick came as market participants assessed comments from the US Treasury secretary suggesting that the nation’s economy may be in a stronger position than suggested by weak first-quarter data.
Additionally, concerns over supply persisted amid ongoing conflicts in the Middle East.
Brent crude futures increased by 34 cents, or 0.38%, reaching $89.35 a barrel at 1211 GMT, while US West Texas Intermediate crude futures rose by 33 cents, or 0.39%, reaching $83.90 a barrel.
