The Pakistani rupee continued to gain ground against the US dollar in the interbank market on Friday, with the greenback falling from Rs281 to Rs280.
By 10:00 AM, the rupee had appreciated by 23 paisas, trading at Rs280.97 against the dollar. On Thursday, the local currency had closed at Rs281.20.
Meanwhile, the Japanese yen was on track for its biggest weekly decline in a year, as investors grew increasingly doubtful about further interest rate hikes this year. Statements from Japan’s likely new prime minister also failed to ease market concerns.
In early Asian trading, the yen remained stable at 153.12 per US dollar — close to its weakest level since mid-February. The currency is heading for a nearly 4% weekly drop, its sharpest since early October last year.
The yen’s sharp decline is mainly driven by expectations that Japan’s central bank will not raise interest rates again this year following the unexpected victory of Sanae Takaichi, a proponent of monetary easing. This has raised speculation that Japanese authorities may need to intervene to support the currency.
