The Pakistani rupee opened Friday on a firmer note, gaining slightly against the US dollar in early interbank trade as the local currency continued to show signs of stability.
In the opening minutes of trading, the rupee appreciated by 0.06 percent and was seen hovering around Rs280.03 against the dollar after improving by 17 paisa. This marked a modest recovery from Wednesday’s close of Rs280.20, offering some relief to the market at the end of the week.
Currency dealers said the movement was limited but positive, reflecting a calmer tone in the interbank market. Trading activity remained thin in the morning hours, with participants largely tracking global cues rather than any fresh local triggers.
Internationally, attention remains on the US Fed Reserve as the new year draws closer. Investors are predict how many interest rate cuts the Fed may deliver in 2026 and how soon policy easing could begin.
While markets are currently pricing in at least two cuts next year, expectations suggest the first move is unlikely before June. The Fed itself has signalled the possibility of one more cut, but internal divisions have kept investors cautious about the policy outlook.
Adding to the uncertainty is President Donald Trump’s expected nomination of a new Fed chair to replace Jerome Powell, whose term ends in May. Any indication of Trump’s choice could influence markets in the days ahead, especially at a time when investors are already sensitive to policy signals.
The US dollar has remained under pressure due to these factors. The dollar index, which tracks the greenback against six major currencies, was on course for a weekly drop of about 0.8 percent, its weakest performance since July.
During Asian trading on Friday, the index hovered near 97.935. The softer dollar helped push the euro, British pound and Swiss franc to recent highs. Meanwhile, the Japanese yen traded near 156.23 per dollar and was heading for a one percent weekly gain, its strongest since late September, despite lingering doubts about further rate hikes by the Bank of Japan.
NBP exchange rates for today
On the domestic front, the National Bank of Pakistan released its routine foreign exchange update for Friday, providing benchmark rates for the day’s trading. According to NBP’s treasury division, the US dollar was quoted at around Rs280.10 for buying and Rs280.60 for selling.
The euro was seen near Rs330.13 on the buying side and Rs330.72 for selling, while the British pound stood close to Rs378.42 for buying and Rs379.09 for selling. Regional currencies also showed steady levels, with the UAE dirham trading around Rs76.28 to Rs76.41 and the Saudi riyal near Rs74.68 to Rs74.81.
These rates serve as a reference point for the market and offer insight into prevailing open levels as traders head into the final sessions of the week.
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