Rupee sees minor fall against US dollar

KARACHI: The Pakistani rupee saw a minor fall against the US dollar during the opening hours of trading, depreciating 0.15 percent on Friday.

At around 10:50am, the rupee was hovering at 295.35, a decrease of Re0.43, in the inter-bank market.

On Thursday, the rupee was stable against the US dollar, as it settled at 294.92 in the inter-bank.

Moreover, the government closed the last fiscal year (2022-23) with a budget deficit of 7.7 percent or Rs6.521 trillion as debt servicing touched a record Rs5.831 trillion.

KSE-100 shows signs of recovery

Globally, the US dollar headed for a fifth winning week versus major peers, the longest streak for 15 months, as a resilient US economy argued for high rates for longer while China’s floundering recovery spurred demand for the safety of the US currency.

On Friday, however, the dollar trimmed some of those gains as its rally against the yen kept traders on edge against the risk of intervention, and the yuan edged up after the People’s Bank of China set a much-stronger-than-expected daily fixing.

The US dollar index – which measures the currency against six developed-market rivals, including the yen and euro – eased 0.14 percent to 103.26 in the Asian morning, after touching a two-month high at 103.59 overnight.