The Pakistani rupee continued its winning run against the US dollar, appreciating 0.1% during Tuesday’s opening hours of trading in the inter-bank market.
At 10am, the currency was hovering at 281.35, a gain of Re0.27 against the greenback.
On Monday, the local unit closed at 281.62.
Globally, the US dollar sank to an almost seven-week low on Tuesday as investors braced for US data revisions that could show the job markets in worse shape than initially thought, shoring up the case for even deeper Federal Reserve interest rate cuts.
The US dollar index fell to its lowest since July 24 in Asia trade to 97.344 ahead of the release of preliminary benchmark revisions for jobs data covering the period from April 2024 to March 2025.
Economists anticipate a downward revision of as many as 800,000 jobs, which could signal that the Federal Reserve is behind the curve in efforts to achieve maximum employment.
Advisors to the Trump administration are preparing a report laying out the alleged shortcomings of the Bureau of Labour Statistics, which they may publish in the coming weeks, The Wall Street Journal, opens new tab reported on Tuesday, citing unnamed sources.
Last month, US President Donald Trump fired BLS Commissioner Erika McEntarfer, accusing her, without evidence, of faking the employment data.
Oil prices, a key indicator of currency parity, gained on Tuesday after OPEC+ decided to increase production by less than what market participants had anticipated, while concerns over tighter supply due to potential new sanctions on Russia continued to lend support.
Brent crude gained 22 cents, or 0.33%, to $66.24 a barrel by 0005 GMT, while US West Texas Intermediate crude climbed 24 cents, or 0.39%, to $62.50 a barrel.
Eight members of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, agreed on Sunday to increase production by 137,000 barrels per day starting in October.
This is an intra-day update
American Dollar Exchange Rate