Pakistani Rupee Gains Against US Dollar in Early Trade
The Pakistani rupee posted gains against the US dollar and appreciated 0.01% in the inter-bank market, closing at 280.78. It was up Rs0.03 against the US dollar.
The Pakistani rupee appreciated 0.09% against the US dollar in early interbank trading on Tuesday. At 10am, the currency traded at 280.56, registering a gain of Rs0.25 from the previous closing rate of 280.81 on Monday, according to the State Bank of Pakistan (SBP).
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Globally, the US dollar weakened slightly on Tuesday as traders priced in expectations of a swift resolution to the US government shutdown. The euro traded steady at $1.1555, and sterling inched up to $1.3165. The Australian dollar advanced 0.7% to $0.6536 after the US Senate passed a bill late Monday to restore federal funding and end the prolonged shutdown.
Oil prices, a key factor influencing emerging market currencies, edged lower in Asian trading. Brent crude fell 12 cents to $63.94 a barrel, while US West Texas Intermediate slipped 14 cents to $59.99. Brent and WTI benchmarks had each gained around 40 cents in the previous session.
