Pakistan Rupee Continues Momentum against dollar

The Pakistani rupee against the dollar continued witnessing a rising trend on Tuesday and appreciated 0.01 percent in the inter-bank market.

It closed at 281.42 against the dollar, registering a gain of Rs 0.03. This is the 33rd successive gain by the Pakistani rupee against the dollar.

PKR to dollar continues its momentum and witnessed an appreciation of 0.09% during the opening session on Tuesday in the inter-bank market.

The rupee stood at Rs 281.20 in the morning, registering a gain of Rs 0.25 against the dollar compared to the previous day’s closing rate. It was closed at 281.45 on Monday.

The dollar has remained under pressure in the global market as traders focused on the signals of an interest rate cut by the Federal Reserve.

Traders have been witnessing the impact of US President Donald Trump’s policy on the global economy and further implications relating to the policy rate before the release of PCE data, which is scheduled during the current week.

Traders are also betting on an interest rate cut, which may be decided by the Federal Open Market Committee in its meeting scheduled in October this year.PKR to Dollar Continues Momentum

The US dollar has also remained flat at 147.74 yen against the Chinese currency.

Brent crude futures have also remained almost steady at $66.56 a barrel by 0041 GMT. US West Texas Intermediate crude price stood at $62.29 a barrel, which was up 2 cents.

Oil prices have been a key indicator for currency parity. Oil prices have also witnessed little change on Tuesday due to geopolitical tension in the Middle East and Russia. Some traders have also been worried about trade tariffs.