The Pakistani rupee remained largely stable against the US dollar, appreciating 0.02% during the opening hours of trading in the inter-bank market on Tuesday.
At 9:50am, the currency was hovering at 277.63, a gain of Re0.05 against the greenback.
On Monday, the rupee had settled at 277.68, according to the State Bank of Pakistan (SBP).
Globally, the US dollar eased a touch, though remained not too far from its recent high ahead of major US data releases later in the week that could determine the path for Federal Reserve policy.
The US dollar was headed for its best month in 2-1/2-years on Tuesday, as it eyed a 3.5% gain against a basket of currencies.
A raft of economic data underscoring the resilience of the US economy has bolstered the greenback over the past month, as has increasing market bets of a win by Republican candidate Donald Trump at next week’s US presidential election.
Ahead of that, a reading on September’s US core personal consumption expenditures price index – the Fed’s preferred measure of inflation – is due on Thursday followed by the closely watched nonfarm payrolls report on Friday.
The US dollar index was little changed at 104.28.
Oil prices, a key indicator of currency parity, edged up on Tuesday, after a sharp plunge in the previous session, as a US plan to purchase oil for the Strategic Petroleum Reserve provided support while investors remained focused on developments in the Middle East.
Brent crude futures climbed 44 cents, or 0.6%, to $71.86 a barrel by 0025 GMT, while US West Texas Intermediate crude was at $67.83 a barrel, up 45 cents, or 0.7%.
Both contracts tumbled 6% on Monday, hitting their lowest since October 01, after Israel’s retaliatory strike on Iran at the weekend bypassed Tehran’s oil infrastructure.
This is an intra-day update
The Pakistani rupee remained largely stable against the US dollar, appreciating 0.02% during the opening hours of trading in the inter-bank market on Tuesday.
At 9:50am, the currency was hovering at 277.63, a gain of Re0.05 against the greenback.
On Monday, the rupee had settled at 277.68, according to the State Bank of Pakistan (SBP).
Globally, the US dollar eased a touch, though remained not too far from its recent high ahead of major US data releases later in the week that could determine the path for Federal Reserve policy.
The US dollar was headed for its best month in 2-1/2-years on Tuesday, as it eyed a 3.5% gain against a basket of currencies.
A raft of economic data underscoring the resilience of the US economy has bolstered the greenback over the past month, as has increasing market bets of a win by Republican candidate Donald Trump at next week’s US presidential election.
Ahead of that, a reading on September’s US core personal consumption expenditures price index – the Fed’s preferred measure of inflation – is due on Thursday followed by the closely watched nonfarm payrolls report on Friday.
The US dollar index was little changed at 104.28.
Oil prices, a key indicator of currency parity, edged up on Tuesday, after a sharp plunge in the previous session, as a US plan to purchase oil for the Strategic Petroleum Reserve provided support while investors remained focused on developments in the Middle East.
Brent crude futures climbed 44 cents, or 0.6%, to $71.86 a barrel by 0025 GMT, while US West Texas Intermediate crude was at $67.83 a barrel, up 45 cents, or 0.7%.
Both contracts tumbled 6% on Monday, hitting their lowest since October 01, after Israel’s retaliatory strike on Iran at the weekend bypassed Tehran’s oil infrastructure.
This is an intra-day update
American Dollar Exchange Rate