The Pakistani rupee inched up to 279.61 per dollar in inter-bank trade on Monday, as global currency markets steadied and oil prices held near recent levels.
The Pakistani rupee registered a marginal gain against the US dollar in the inter-bank market on Monday, closing at 279.61, according to the State Bank of Pakistan. The local currency had settled at 279.62 on Friday, reflecting a slight day-on-day improvement.
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Currency dealers said the move was largely technical, with no major domestic triggers reported during the session. Trading activity remained measured as investors monitored global cues and liquidity conditions in international markets.
Internationally, the Japanese yen began the week on a weaker note after posting strong gains last week on easing fiscal concerns. The yen slipped 0.2% to 153.07 per US dollar in early Monday trade, after climbing nearly 3% last week, marking its biggest weekly jump in about 15 months following Prime Minister Sanae Takaichi’s landslide election victory.
The US dollar, meanwhile, remained broadly steady as softer inflation data strengthened expectations of interest rate cuts by the Federal Reserve later this year. Against a basket of currencies, the greenback was little changed at 96.93, though it was headed for a weekly loss of nearly 0.8%.
In commodity markets, oil prices traded little changed as investors weighed the implications of upcoming US-Iran talks aimed at easing geopolitical tensions. The discussions come amid expectations of increased supply from OPEC+ producers.Pakistani Rupee Gains Again
Brent crude futures edged up 3 cents to $67.78 a barrel by 0358 GMT. US West Texas Intermediate crude rose 2 cents to $62.91 a barrel. Stable oil prices offered limited directional cues for emerging market currencies, including the Pakistani rupee.
Market participants said the rupee’s near-term trajectory would depend on external financing flows, global dollar trends and energy price movements. For now, the Pakistani rupee remains largely range-bound, with the State Bank of Pakistan closely monitoring currency market developments.
