Pakistani Rupee extends gains against US dollar
The Pakistani rupee posted gain against the US dollar in the inter-bank market and closed at 280.81, registering a gain of Rs0.01 against the greenback.
The Pakistani rupee appreciated 0.07% to Rs280.62 in early Monday trade which marks continued strength amid a softer US dollar and stable oil prices
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At 10am, the local currency was trading at Rs280.62, registering a gain of Rs0.20 against the US dollar, according to early market data. Rupee edges against dollar in early trade
The movement extends last week’s modest gains, when the rupee appreciated by Rs0.09 or 0.03% in the inter-bank market.
Internationally, the US dollar softened on Monday as signs of a potential reopening of the federal government boosted investor confidence after several weak economic indicators. The dollar index, tracking the greenback against six major currencies, slipped 0.1% to 99.64 after the US Senate advanced a measure to fund government operations through January.
The dollar appreciated 0.2% to 153.80 yen after Japanese Prime Minister Sanae Takaichi pledged to introduce a more flexible fiscal framework, effectively delaying Japan’s fiscal tightening targets.
Meanwhile, the euro traded at $1.1559, down 0.1%, while the British pound slipped to $1.3148. The Chinese offshore yuan held steady at 7.1204 per dollar during Asian trading hours, showing limited reaction to the global dollar movement.
Oil prices, a key factor influencing exchange rates for import-dependent economies like Pakistan, rose slightly on Monday.
Brent crude futures increased by 0.71% to $64.08 a barrel, while US West Texas Intermediate gained 0.80% to $60.23. The uptick followed optimism that a US government reopening could lift fuel demand in the world’s largest oil consumer, offsetting concerns about oversupply.
