The Pakistani rupee remained largely stable, depreciating 0.01% against the US dollar during the opening hours of trading in the inter-bank market on Thursday.
At 10:20am, the currency was hovering at 278.55, a loss of Re0.03 against the greenback.
On Wednesday, the rupee had settled at 278.52 against the greenback, according to the State Bank of Pakistan (SBP).
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some positive indicators.
Internationally, the US dollar traded near the lowest in more than a year against the euro and sterling on Thursday as a dovish Federal Reserve and fresh signs of weakness in the US job market backed the case for interest rate cuts.
The US dollar sagged below the closely watched 145 yen mark as US Treasury yields slid, ahead of weekly jobless claims data later in the day and a hotly anticipated speech by Fed Chair Jerome Powell at the central bank’s annual Jackson Hole symposium on Friday.
The dollar index, which measures the currency against the euro, sterling, yen and three other major peers, was little changed at 101.14 as of 0015 GMT.
It dipped to 100.92 overnight for the first time this year.
Oil prices, a key indicator of currency parity, paused on Thursday after expectations of a rate cut by the Federal Reserve offset a bunch of weak economic data from the world’s two largest economies, the United States and China.
Brent crude futures were 3 cents up to $76.08 a barrel.
US West Texas Intermediate crude futures fell 5 cents to trade at $71.88 at 0036 GMT. Both contracts lost over $1, or more than 1%, in the previous session.
This is an intra-day update
The Pakistani rupee remained largely stable, depreciating 0.01% against the US dollar during the opening hours of trading in the inter-bank market on Thursday.
At 10:20am, the currency was hovering at 278.55, a loss of Re0.03 against the greenback.
On Wednesday, the rupee had settled at 278.52 against the greenback, according to the State Bank of Pakistan (SBP).
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some positive indicators.
Internationally, the US dollar traded near the lowest in more than a year against the euro and sterling on Thursday as a dovish Federal Reserve and fresh signs of weakness in the US job market backed the case for interest rate cuts.
The US dollar sagged below the closely watched 145 yen mark as US Treasury yields slid, ahead of weekly jobless claims data later in the day and a hotly anticipated speech by Fed Chair Jerome Powell at the central bank’s annual Jackson Hole symposium on Friday.
The dollar index, which measures the currency against the euro, sterling, yen and three other major peers, was little changed at 101.14 as of 0015 GMT.
It dipped to 100.92 overnight for the first time this year.
Oil prices, a key indicator of currency parity, paused on Thursday after expectations of a rate cut by the Federal Reserve offset a bunch of weak economic data from the world’s two largest economies, the United States and China.
Brent crude futures were 3 cents up to $76.08 a barrel.
US West Texas Intermediate crude futures fell 5 cents to trade at $71.88 at 0036 GMT. Both contracts lost over $1, or more than 1%, in the previous session.
This is an intra-day update
American Dollar Exchange Rate