PKR to Dollar Continues Momentum
The Pakistani rupee continued to maintain its momentum against the US dollar with marginal appreciation in the inter-bank market on Monday.
Pakistani rupee against dollar trading closed at 281.45. It registered a gain of Rs0.01 against the US dollar. This has been a continuous gain for the 32nd sessions against the greenback.
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Since the morning, the Pakistani rupee has maintained its positive momentum against the US dollar on the first day of the week. It appreciated 0.06% on Monday in the inter-bank market and was traded at 281.28, up Re0.18 from the previous close.
According to the State Bank of Pakistan (SBP), the local currency Pakistani rupee had ended last week at 281.46 against the US dollar, against 281.55 the week before. It had marked a marginal weekly gain of Re0.09 or 0.03%.PKR Stable vs Dollar but Slips Against Pound, Euro
The yen has slipped 0.16% to 148.22 per dollar. It reversed some of its earlier gains after the BOJ signaled a possible near-term rate hike.
Meanwhile, the British pound also weakened to a two-week low of $1.3458.
Oil prices have been a critical factor for Pakistan’s external account. It edged higher at the start of the week. Brent crude futures gained 28 cents, or 0.42%, to $66.96 per barrel. Meanwhile, US West Texas Intermediate crude jumped 20 cents, or 0.32%, to $62.88.
The rupee traded at 281.28 in the inter-bank market on Monday, which reflected a modest but steady gain against the US dollar. The global currency markets awaited fresh direction from US and other central bank signals.
