The Pakistani rupee extended its gains against the U.S. dollar in the interbank market on Friday, continuing its recent positive momentum.
By 10:15 a.m., the rupee appreciated by 20 paisas (0.07%), reaching PKR 280.92 against the dollar. On Wednesday, the local currency had closed at PKR 281.12.
On the global front, the U.S. dollar weakened on Thursday as the ongoing U.S.–China trade war dented investor confidence. Growing expectations of a potential Federal Reserve interest rate cut later this year also added downward pressure on the greenback.
The euro rose by 0.14% in early trade to $1.1664, its highest level in a week, while the Japanese yen strengthened to 150.52 per dollar, also marking a one-week high.
The U.S. dollar index fell 0.16% to 98.512, on track for a 0.33% weekly decline.
Investors remain focused on escalating trade tensions between the world’s two largest economies, after U.S. officials warned that China’s decision to expand export restrictions on rare minerals poses a risk to global supply chains.
In response, China’s Ministry of Commerce defended the move, stating that U.S. criticism is hypocritical, as Washington has imposed numerous restrictions on Chinese products and companies.
