The Pakistani rupee experienced a slight uptick, strengthening by 0.03% against the US dollar in the inter-bank market on Friday. Closing at 278.21, it marked a gain of Re0.09 against the greenback, according to the State Bank of Pakistan (SBP).
In a significant development, Minister for Investment and Privatisation Abdul Aleem Khan announced that Islamabad would extend the deadline for companies interested in acquiring the national carrier, Pakistan International Airlines, to May 18th. This extension, granted a day before the original deadline, has already garnered interest from 10 companies, including notable figures like Pakistani tycoon Arif Habib and aviation-based company Gerry’s Group.
Internationally, the US dollar remained subdued on Friday, struggling to recover ground in the aftermath of less hawkish statements from the Federal Reserve. Against a basket of currencies, the dollar remained relatively stable at 105.32, poised to incur a 0.7% loss for the week, its most significant drop since March.
Oil prices experienced a modest increase on Friday but were on track for their most significant weekly decline in three months due to concerns regarding demand and high interest rates, despite efforts by OPEC+ to limit output. Brent crude futures for July rose by 31 cents to $83.98 a barrel, while US West Texas Intermediate crude for June increased by 26 cents to $79.21 per barrel. Nonetheless, both benchmarks are set to register weekly losses, reflecting worries that sustained high interest rates could impede economic growth in the US, the world’s leading oil consumer, as well as in other regions.
In the open market, the Pakistani rupee exhibited mixed movements against various currencies. It gained 22.00 paisa for buying and 17.00 paisa for selling against the US dollar, closing at 276.82 and 279.48, respectively. However, it experienced losses against the Euro and gained marginally against the UAE Dirham and Saudi Riyal.
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