Rupee sees further improvement against US dollar

According to Business Recorder, the Pakistani rupee firmed slightly against the US dollar in the interbank market on Friday. It closed at 277.25, Rs0.01 stronger than Thursday's 277.26. The move extended a run of marginal gains for the local currency.

In the open market, the rupee lost 8 paisa on buying and 3 paisa on selling against the dollar, closing at 278.19 and 279.10 respectively. Against the euro, the local unit lost 35 paisa on buying, closing at 318.87. Globally, the yen slipped 0.1% to 156.19 per dollar ahead of an expected Bank of Japan rate increase, while sterling held near a 2-1/2-month low of $1.3359.

Brent crude slipped to $103.94 a barrel by 1225 GMT, a drop of 88 cents or 0.84%, as easing worries over Saudi supply disruptions outweighed concern about a wider Middle East conflict. Traders now put the chance of a quarter-point Federal Reserve hike at next month's meeting at 53%, up from 27.2% a week earlier, according to CME Group's FedWatch tool.