Pakistani rupee continues gain on Tuesday and closed at 280.07, appreciating by 0.01 percent against the US dollar in the inter-bank market.

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The Pakistani rupee had closed at 280.10 on Monday.

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Earlier, it gained slightly against the US dollar in early interbank trade on Tuesday. The Pakistani rupee was trading at 279.88 per dollar around 10 am, which was up Re0.22, registering a 0.08% appreciation from Monday’s close rate of 280.10.

The greenback also weakened against the Japanese yen, which slipped 0.1% to 156.255, following a well-received auction of 10-year Japanese government bonds.Pakistani Rupee Continues Gain

According to CME Group’s FedWatch tool, traders are expecting an 82.8% probability of US interest rates to stay on hold at the upcoming meeting, broadly stable compared with last week.

Oil prices are considered to be a key input for Pakistan’s external account and currency dynamics, which edged lower on Tuesday. Brent crude dropped 0.2% to $61.62 a barrel, while US West Texas Intermediate slipped 0.3% to $58.15, as markets assessed the prospect of higher Venezuelan output and ample global supply amid subdued demand.

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