Pakistani Rupee Strengthens to Rs. 277.56 Against US Dollar

The Pakistani rupee extended its gains against the US dollar on Friday, appreciating by 0.01%. The local currency closed at Rs. 277.56 per dollar, gaining Re0.01 during the session. On Thursday, the rupee settled at Rs. 277.57. Meanwhile, the US dollar remained under pressure in global markets and headed for a weekly decline. Investors viewed the US Treasury's bond-buyback plan as a temporary measure. They also raised concerns over the government's growing intervention in financial markets. As the dollar weakened, the euro traded near a three-month high at $1.1685. The currency remained on track for a 1% weekly gain. The British pound also moved higher. It gained 0.08% to $1.3643 and remained close to a six-month peak. The pound gained around 0.8% during the week. The dollar index also remained near a three-month low. It stood at 98.82 and headed for a weekly decline of more than 0.8%. Meanwhile, oil prices edged lower on Friday but remained on track for a second consecutive weekly gain. Brent crude futures fell 23 cents, or 0.3%, to $93.55 per barrel by 0142 GMT. The benchmark had gained 2.4% in the previous session. Read More: Gold Price in Pakistan Jumps to Rs. 4.77 Lakh Per Tola Similarly, US West Texas Intermediate (WTI) crude declined 33 cents, or 0.4%, to $86.50 per barrel. WTI had risen 2.3% in the previous session. Despite Friday's decline, oil prices recorded strong weekly gains. Brent crude advanced more than 7% over the previous five sessions, while WTI climbed over 8%. Both benchmarks reached their highest levels since July 24.