ISLAMABAD: The Pakistani rupee (PKR) showed a slight improvement against the US dollar (USD) on Friday, November 1, 2024, with a 0.06% increase in the interbank market.
This marginal gain brought the local currency to Rs277.68, representing a 17 paisa advantage over the USD. This is a positive move compared to the previous trading day, Thursday when the PKR settled at Rs277.85 and incurred a 5.77 paisa loss against the dollar.
In the broader context, the rupee has demonstrated resilience during the ongoing fiscal year, with a 0.18% or 49.12 paisa gain against the USD.
However, it’s essential to note that the PKR also increased by Rs4, or 1.44%, during the calendar year. These fluctuations underscore the dynamic nature of currency markets.
Globally, the US dollar has stabilized against other currencies as investors await the US jobs report. This report is crucial in confirming economic resilience, particularly with the Federal Reserve’s monetary policy meeting and the US presidential election on the horizon.
Interestingly, the US dollar began the month at a lower level, facing pressure against the yen on Thursday.
