The Pakistani rupee remained largely unchanged against the US dollar, during trading in the inter-bank market on Friday.
At around 12:30pm, the rupee was being traded at 286.82, a decrease of Re0.01.
On Thursday, the rupee ended its four-session losing streak against the US dollar, to settle at 286.81, up by 0.07% against the US dollar in the inter-bank.
In a key development, Finance Minister Ishaq Dar on Thursday said the newly elected government should negotiate a fresh deal with the International Monetary Fund (IMF).
His remarks came during the question-and-answer session following the unveiling of the Economic Survey 2022-23.
“We are hopeful the ninth review is completed successfully, as it is necessary for Pakistan. After this, it will be only fair that it be the prerogative of a new government, after elections, to negotiate any new programme with the IMF.
“At this stage, it would be totally undemocratic and unfair to initiate negotiations on a new programme. Let whoever (wins the election) be the one to decide. They shouldn’t be bound,” said Dar.
Stalled bailout: IMF says govt has to satisfy it on 3 counts, starting with budget
Globally, the US dollar retreated on Friday, dragged by lower US Treasury yields after a spike in weekly jobless claims raised traders’ hopes that a peak in US interest rates was near, as focus turned to the upcoming week packed with central bank meetings.
The number of Americans filing new claims for unemployment benefits surged to the highest in more than 1-1/2 years last week, data on Thursday showed, though layoffs are probably not accelerating as the data covered the Memorial Day holiday, which could have injected some volatility.
The dollar index last stood at 103.35 in early Asia trade on Friday, having lost more than 0.7% in the previous session, its largest daily decline in weeks.
Oil prices, a key indicator of currency parity, looked set to post their second straight weekly loss as prices continued to fall on Friday over demand concerns and scepticism that the United States and Iran could strike a nuclear deal.
This is an intra-day update
https://www.brecorder.com/news/40246863/intra-day-update-rupee-strengthens-against-us-dollar
