The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% during the opening hours of trading in the inter-bank market on Monday.
At 10:20am, the currency was hovering at 277.73, a loss of Re0.03 against the greenback.
During the previous week, the rupee marginally weakened as it declined Re0.06 or 0.02% against the US dollar.
The local unit closed at 277.70, against 277.64 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Globally, the US dollar slid in Asia on Monday as investors braced for a potential pivot this week for the global economy as the United States chooses a new leader, and as it likely cuts interest rates again with major implications for bond yields.
The dollar fell 0.9% on the yen to 151.60 and threatened support at 151.45. The dollar index eased 0.3% to 103.63.
Treasury futures rallied a solid 12 ticks, recovering some of the losses suffered on Friday.
Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls and the winner might not be known for days after voting ends.
Analysts believe Trump’s policies on immigration, tax cuts and tariffs would put upward pressure on inflation, bond yields and the dollar, while Harris was seen as the continuity candidate.
Dealers said the early dip in the dollar might be linked to a well-respected poll that showed Harris taking a surprise 3-point lead in Iowa, thanks largely to her popularity with female voters.
Oil prices, a key indicator of currency parity, BEIJING: Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month due to soft demand and rising supply outside the group.
Brent futures rose by $1.18 per barrel, or 1.61%, to $74.28 a barrel by 0121 GMT. U.S. West Texas Intermediate (WTI) crude rose by $1.20 a barrel, or 1.73%, to $70.69.
OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, was due to increase output by 180,000 barrels per day (bpd) from December.
This is an intra-day update
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