The Pakistani rupee strengthened against the US dollar, appreciating 0.09% during the opening hours of trading in the inter-bank market on Friday.
At 10am, the currency was hovering at 280.52, a gain of Re0.24against the greenback.
On Thursday, the local unit closed at 280.76.
Globally, the US dollar struggled to claw back steep losses on Friday and was on track for a weekly fall, as investors awaited a backlog of US data following the government’s reopening, which they expect will likely point to a weakening economy.
The overnight move lower in the dollar came alongside a selloff in US equities and bonds eerily reminiscent of the market turmoil in April, as investors pared back bets of a Federal Reserve rate cut in December.
However, expectations of a more hawkish Fed failed to lift the dollar, which fell to a two-week low against the euro overnight.
The common currency bounced back above the $1.16 mark and last bought $1.1630.
The Swiss franc similarly held near an over three-week high and steadied at 0.7933 per dollar. Against a basket of currencies, the greenback languished near a two-week low at 99.27.
The dollar index was headed for a weekly fall of 0.3%.
The Japanese currency was on track for a fall of nearly 0.8% for the week.
Down Under, the Australian dollar fell 0.02% to $0.6529, having slid overnight owing to the broad risk-off sentiment.
The New Zealand dollar last bought $0.5654, having similarly lost 0.25% in the previous session.
Oil prices, a key indicator of currency parity, rose more than 2% on Friday after a Ukrainian drone attack damaged an oil depot in the Russian Black Sea port of Novorossiysk.
Brent crude futures rose $1.34, or 2.13%, to $64.35 a barrel by 0227 GMT, while US West Texas Intermediate crude rose $1.40, or 2.39%, to $60.09 a barrel.
This is an intra-day update
