KARACHI – The Pakistani rupee experienced a slight uptick against the US dollar, rising by 0.12% during the initial trading hours in the inter-bank market on Friday.
By 10:15 am, the rupee stood at 279.15 against the greenback, marking an increase of Re0.33 within the inter-bank market.
On Thursday, the rupee had seen a marginal rise, settling at 279.48 against the US dollar, as reported by the State Bank of Pakistan (SBP).
The government team is gearing up to engage in discussions with the International Monetary Fund (IMF) within the next couple of days regarding tariff rationalization. This move aims to decrease industry tariffs from cents 14 per unit to cents 11.75 per unit through a subsidy-neutral proposal.
Internationally, the US dollar exhibited a broad decline on Friday amidst positive risk sentiment triggered by optimistic earnings from big tech firms on Wall Street. Traders awaited the release of US jobs data later in the day to assess the potential timing of Federal Reserve rate adjustments.
The highly anticipated nonfarm payrolls report, scheduled for later on Friday, follows the Fed’s recent policy meeting where interest rates remained unchanged as anticipated. However, Chair Jerome Powell pushed back against market expectations of rate cuts in March.
