The Pakistani rupee continued its upward trend against the US dollar in the interbank market on Friday.
By 10 AM, the rupee had appreciated by 30 paisas (0.1%), reaching 280.55 against the dollar. On Thursday, the local currency had closed at 280.85.
Meanwhile, in international markets, the US dollar weakened at the start of the Asian session on Friday, showing a notable decline against major currencies. With official US labor market data unavailable due to the government shutdown, investors relied on private sector surveys that indicated a slowdown.
The dollar index fell by 0.5% to 99.674, wiping out all gains made earlier in the month. Investors are now more optimistic about a potential interest rate cut in the Federal Reserve’s December 10 meeting.
The monthly nonfarm payrolls report has been delayed due to the US government shutdown, shifting market focus toward private sector data. October figures indicated job losses in the government and retail sectors, while rising layoffs were attributed to reduced business spending and increased adoption of artificial intelligence.
According to the CME FedWatch Tool, Fed funds futures now reflect a 70% probability of an interest rate cut in the upcoming meeting—up from 62% just a day earlier.
Against the Japanese yen, the US dollar traded at 153.17 yen, 0.1% stronger than its last close in the US session. Japan’s local household spending data also influenced currency movements, showing a 1.8% year-on-year increase in September—below expectations of a 2.5% rise.
