Pakistani rupee edges up as US dollar slips
The Pakistani rupee closed at 281.31 against the US dollar on Wednesday and posted a marginal gain.
The Pakistani rupee registered a slight improvement against the US dollar in the inter-bank market and closed at 281.31, registering a hike of Rs 0.01 against 281.32 a day earlier.
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In international markets, the US dollar index measures the currency against six major counterparts, including the euro and yen. Rupee Continues Gains Against US Dollar
It slipped to 97.814 after briefly touching 97.633 overnight. The decline has followed the expiration of government funding in Washington. Republicans and Democrats failed to reach an interim budget deal.
US President Donald Trump has warned that the shutdown would allow his administration to take “irreversible” steps. The Labor and Commerce departments confirmed that it would suspend key economic data releases, which included Friday’s nonfarm payrolls report.
Investors have watched that report closely to gauge the Federal Reserve’s next policy move, especially on the possibility of an interest rate cut later this month.
Currency markets responded with modest movements. The euro gained slightly to $1.1738 after touching $1.1762 a day earlier. Meanwhile, the Japanese yen held steady at 147.92 against the US dollar after a 1.2% three-day rise.
Oil prices steadied following two days of declines. Brent crude futures for December surged by 6 cents to $66.09 a barrel. US West Texas Intermediate gained 4 cents to $62.41.
