Daily Times

The Pakistani rupee registered minor improvement against the US dollar, appreciating 0.06% in the inter-bank market on Friday. At close, the currency settled at 278.50, a gain of Re0.17 against the US dollar. On Thursday, the rupee had settled at 278.67 against the greenback, according to the State Bank of Pakistan (SBP). In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some positive indicators and approval from the International Monetary Fund’s (IMF) Executive Board over a new $7-billion Extended Fund Facility. On Wednesday, Pakistan Finance Minister Muhammad Aurangzeb said the Executive Board meeting on Pakistan will take place in September as “good progress” was being made with the IMF. Internationally, the US dollar was calm on Friday as traders braced for comments from Federal Reserve Chair Jerome Powell, while Bank of Japan (BOJ) Governor Kazuo Ueda aimed to soothe lingering market nerves after a surprise rate hike last month. The dollar index, which measures the greenback versus six major peers, was little changed at 101.43 in early trading after rising 0.34% in the previous session.