The Pakistani rupee registered slight improvement against the US dollar, appreciating 0.1% in the inter-bank market on Friday.
At 10:30am, the currency settled at 280.28, a gain of Re0.28 against the US dollar.
On Thursday, the currency settled at 280.56.
Internationally, the US dollar slumped on Friday as waning confidence in the US economy prompted investors to ditch US assets to the benefit of safe havens such as the Swiss franc, yen and euro, as well as gold.
The yellow metal recorded a new all-time peak, and the franc notched a fresh decade high.
Investors dumped Wall Street stocks overnight, as a powerful relief rally on Wednesday – when President Donald Trump abruptly paused higher tariff rates on dozens of trading partners – reversed course in a frenetic 24-hour period for markets. Longer-dated US Treasuries are also selling off, putting 10-year yields on course for their biggest weekly jump since 2001.
The on-again, off-again approach has baffled world leaders and spooked business executives, who say the uncertainty has made it difficult to forecast market conditions.
The dollar dropped as much as 1.2% to 0.81405 Swiss franc for the first time since January 2015, extending Thursday’s nearly 4% plunge.
Oil prices, a key indicator of currency parity, fell on Friday and were set to drop for a second week on concerns prolonged trade war between the United States and China, the world’s largest economies, will crush crude consumption as their dispute curtails economic growth.
Brent futures fell 31 cents, 0.5%, to $63.02 a barrel by 0153 GMT, while US West Texas Intermediate crude futures lost 36 cents, or 0.6%, to $59.71. Both benchmarks settled over $2 lower on Thursday.
Brent is set to fall 4% this week, adding to an 11% drop in the prior week, while WTI is set to decline 3.8%, after also falling 11% in the previous week.
This is an intra-day update
