The Pakistani rupee posted a marginal gain against the US dollar in the inter-bank market and closed at 280.30. It registered a gain of Rs0.01 against the US dollar. It closed at 280.31 on Monday.
The Pakistani rupee edged higher against the US dollar on Tuesday in early inter-bank trading. It follows broad-based dollar weakness in global markets.
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It appreciated 0.06% in the opening minutes and was trading at 280.15 against US dollar compared with Monday’s close of 280.31, according to inter-bank market data.Pakistani Rupee Gains Again
The dollar index, which measures the greenback against six major currencies, also dropped 0.2% to 98.261. It hovered near its weakest level since October 17.
Interest rate expectations in the United States have remained largely stable. Fed funds futures are indicating a 75.6% probability of no change at the Federal Reserve’s January 28 meeting.
Against the Japanese yen, the US dollar eased 0.1% to 155.07.
Oil prices, another critical factor for the rupee, also dropped in early Tuesday trade. They extended loss from the previous session amid optimism over a potential Russia-Ukraine peace deal.
Brent crude futures were down 24 cents, or 0.40%, at $60.32 per barrel by 0101 GMT, while US West Texas Intermediate slipped 22 cents, or 0.39%, to $56.60.
