Pakistan rupee gains more ground against US dollar

Pakistani rupee maintained its upward trajectory against the US dollar on Friday, appreciating by 17 paisas during the opening hours of trading in the inter-bank market, reported 24NewsHD TV channel.

The US dollar was being traded at Rs282.70 from the last day’s close of Rs282.87.

Internationally, the US dollar headed for its best week in almost three years against its major peers, maintaining momentum on Friday after US President Donald Trump set new tariff rates on dozens of trade partners.

The yen touched a four-month low against the greenback, extending its steep decline from Thursday after the Bank of Japan signaled it was in no hurry to resume interest rate hikes.

The trade-related moves, the US currency gained ground on the Swiss franc after Trump set a 39% tariff rate on Swiss imports, up from the 31% he previously mooted. Canada’s dollar dipped to a more than two-month trough after the country received a 35% levy instead of an earlier threatened 25%.

The euro remained pinned near an almost two-month low, as it continues to be weighed down by what markets see as a lopsided trade agreement with Washington.

Reporter: Ahsan Abbasi