The Pakistani rupee maintained positive momentum against the US dollar, appreciating 0.06% during the opening hours of trading in the inter-bank market on Friday.
At 10am, the currency was hovering at 281.10, a gain of Re0.17 against the greenback.
On Thursday, the local unit closed at 281.27.
Globally, the yen edged lower on Friday, trimming its sharpest weekly gain in more than four months, as traders considered the impact of potential rate increases by the Bank of Japan and a leadership election this weekend.
The US dollar rebounded overnight despite the closure of the US government, which has halted the publication of key economic data, including the closely watched monthly jobs report for September that was due to be released on Friday. Canada’s currency held near a four-month low on a slide in oil prices.
The yen slid 0.3% to 147.72 per dollar, still on track for a 1.2% advance this week that would be the biggest since mid-May.
The dollar index, which measures the greenback against a basket of key currencies, rose 0.1% to 97.90. The euro was up 0.1% at $1.1722. Sterling was little changed at $1.3437.
Markets were keeping a close eye on speeches by BOJ officials this week after the central bank’s tankan survey on Wednesday showed confidence among big manufacturers improved for the second straight quarter.
Traders see a 25-basis-point cut at the Fed’s October meeting as almost certain and are pricing in an 89% probability of an additional cut in December, according to the CME Group’s FedWatch Tool.
Oil prices, a key indicator of currency parity, rose slightly on Friday after four straight sessions of declines but were on track for their steepest weekly decline since late June due to market expectations that the OPEC+ group could hike output further despite oversupply concerns.
Brent crude futures gained 18 cents, or 0.3%, to $64.29 a barrel by 0000 GMT. US West Texas Intermediate crude climbed by 19 cents, or 0.3%, to $60.67 a barrel.
This is an intra-day update
