The Pakistani rupee registered slight improvement against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Thursday.
At 10am, the currency was hovering at 282.45, a gain of Re0.22.
On Wednesday, the currency settled at 282.67.
Globally, the US dollar remained lower against major peers on Thursday, as expectations of Federal Reserve rate cuts grew and concerns swirled about partisanship creeping into key US institutions.
Initial jobless claims in the United States are under scrutiny after last week’s disappointing nonfarm payrolls, which triggered a slide in the greenback. Meanwhile, the euro found support ahead of anticipated talks next week to end the war between Russia and Ukraine.
Last week, President Donald Trump fired the official responsible for the labour data he did not like, and focus is centring on his nomination to fill a coming vacancy on the Fed’s Board of Governors and candidates for the next chair of the central bank.
The dollar index, which measures the greenback against a basket of major peers, edged up 0.1% to 98.259 in early trade in Asia, after a 0.6% slide in the previous session.
The US currency was little changed at 147.36 yen.
The euro stood at $1.1654, down almost 0.1% after a 0.7% jump previously.
Oil prices, a key indicator of currency parity, rose on Thursday, pausing a five-day losing streak, on signs of steady demand in the US, the world’s biggest oil user, though the prospect of US-Russian talks on the Ukraine war eased concerns of supply disruptions from further sanctions.
Brent crude futures rose 20 cents, or 0.3%, to $67.09 a barrel by 0039 GMT while US West Texas Intermediate crude was at $64.57 a barrel, up 22 cents, or 0.3%.
Both benchmarks slid about 1% to their lowest in eight weeks on Wednesday after US President Donald Trump’s remarks about progress in talks with Moscow.
This is an intra-day update
American Dollar Exchange Rate