The Pakistani rupee dropped against the US dollar on Friday, falling 0.22% during interbank trading.
Around 12:30 pm, the rupee was trading at 277.66, a Re0.62 decline.
The Pakistani rupee rose somewhat against the US dollar on Thursday, rising 0.13% to close at 277.04 in the interbank market.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $393 million to over $4.46 billion as of June 30, according to data released on Thursday.
The aggregate figure is approaching a critical threshold of about a month’s import cover.
Globally, the US dollar traded in narrow ranges on Friday as investors awaited a critical US jobs report and evaluated the likelihood of higher-for-longer Fed interest rates against the prospects for economic growth.
The carefully awaited nonfarm payrolls report is due later on Friday, with the US economy expected to have added 225,000 jobs in June.
The report comes on the heels of statistics released on Thursday showing that private payrolls climbed last month while the number of Americans filing new unemployment claims increased marginally last week, indicating that the labor market remained stable.
The US dollar index climbed 0.03% to 103.12, as US Treasury rates remained near their recent highs.
Oil prices, a crucial currency parity indicator, increased marginally on Friday and were on course for their second straight weekly gain, as persistent demand resulted in a larger-than-expected drop in US oil stocks, offsetting expectations of increasing US interest rates.
