The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Wednesday.
At 10am, the currency was hovering at 280.72, a gain of Re0.15 against the greenback.
On Tuesday, the local unit had closed at 280.87, the highest in nearly six months.
Globally, the US dollar hovered close to a one-week low versus major peers on Wednesday ahead of a widely expected interest rate cut from the Federal Reserve later in the day.
The greenback lost additional ground against the Japanese yen after US Treasury Secretary Scott Bessent signaled the new Japanese government is open to Bank of Japan rate hikes, ahead of a policy decision on Thursday.
Australia’s dollar reversed an earlier small decline to rise 0.3% to $0.6604 after hotter-than-expected consumer price data raised doubts about a rate reduction from the central bank next week.
Currency traders are also keeping a close eye on a scheduled meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on Thursday in South Korea to decide on a framework that could pause tougher US tariffs and China’s rare-earth export curbs.
The US dollar index, which measures the currency against six rivals, was steady at 98.681 after slipping 0.1% on Tuesday for a second straight day of declines.
Oil prices, a key indicator of currency parity, edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in US crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains.
Brent crude futures rose 20 cents, or 0.31%, to $64.60 a barrel at 0203 GMT. US West Texas Intermediate crude futures rose 18 cents, or 0.3%, to $60.33.
This is an intra-day update
American Dollar Exchange Rate