The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Tuesday.
At 10am, the rupee was hovering at 281.53, a gain of Re0.22 against the greenback.
On Monday, the local unit closed at 281.75.
Internationally, the US dollar made a limp recovery in early Asian trade after days of selling, ahead of the US markets reopening later on Tuesday after the Labour Day holiday.
The dollar index was last up 0.1% at 97.709, having touched its lowest on Monday since 28 July after five consecutive days of loss, as investors sought alternative havens such as gold where prices traded just shy of record levels.
Traders have sold the greenback as US President Donald Trump’s attacks on the Federal Reserve, including his decision to remove Governor Lisa Cook, raise fear that the White House is undermining the central bank’s independence at a time when the case to begin cutting interest rates is far from clear.
Bullion was on track to notch a sixth day of gain after reaching its highest price since 21 April on Monday. It was last up 0.2% at $3,482.55 a troy ounce, whereas silver retreated 1.2% after reaching a 14-year high.
Against the yen, the dollar was 0.1% stronger at 147.33 yen, remaining in the trading channel it has sat in since the start of August.
US economic data for August will be in focus later this week as market watchers try to ascertain the extent to which Trump’s policies are affecting industrial activity and the labour market.
Oil prices, a key indicator of currency parity, rose on Tuesday as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine.
Brent crude added 40 cents, or 0.59%, to $68.55 a barrel by 0149 GMT, while US West Texas Intermediate crude was at $65.06 a barrel, up $1.05, or 1.64%.
WTI futures did not settle on Monday due to the Labour Day holiday in the US.
This is an intra-day update
The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Tuesday.
At 10am, the rupee was hovering at 281.53, a gain of Re0.22 against the greenback.
On Monday, the local unit closed at 281.75.
Internationally, the US dollar made a limp recovery in early Asian trade after days of selling, ahead of the US markets reopening later on Tuesday after the Labour Day holiday.
The dollar index was last up 0.1% at 97.709, having touched its lowest on Monday since 28 July after five consecutive days of loss, as investors sought alternative havens such as gold where prices traded just shy of record levels.
Traders have sold the greenback as US President Donald Trump’s attacks on the Federal Reserve, including his decision to remove Governor Lisa Cook, raise fear that the White House is undermining the central bank’s independence at a time when the case to begin cutting interest rates is far from clear.
Bullion was on track to notch a sixth day of gain after reaching its highest price since 21 April on Monday. It was last up 0.2% at $3,482.55 a troy ounce, whereas silver retreated 1.2% after reaching a 14-year high.
Against the yen, the dollar was 0.1% stronger at 147.33 yen, remaining in the trading channel it has sat in since the start of August.
US economic data for August will be in focus later this week as market watchers try to ascertain the extent to which Trump’s policies are affecting industrial activity and the labour market.
Oil prices, a key indicator of currency parity, rose on Tuesday as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine.
Brent crude added 40 cents, or 0.59%, to $68.55 a barrel by 0149 GMT, while US West Texas Intermediate crude was at $65.06 a barrel, up $1.05, or 1.64%.
WTI futures did not settle on Monday due to the Labour Day holiday in the US.
This is an intra-day update
American Dollar Exchange Rate