The Pakistani rupee maintained its upward trajectory against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Thursday.
At 10:30am, the currency was hovering at 282.72, a gain of Re0.23.
On Wednesday, the currency settled at 282.95.
Globally, the US dollar flirted with a two-month peak on Thursday after Federal Reserve Chair Jerome Powell stuck to his patient approach on rates in a closely watched policy decision and offered little insight on when they could be lowered.
The greenback was also on track for its first monthly gain for the year, bolstered by a hawkish Fed and US economic resilience, with uncertainty over tariffs beginning to ease given recent trade deals struck by Washington.
Against a basket of currencies, the dollar was last steady at 99.77 , not far from a two-month peak of 99.987 it hit in the previous session.
The dollar index was set for a monthly gain of more than 3%.
US President Donald Trump’s chaotic tariffs and fears of the dollar’s demise earlier this year had undermined the currency and given it the worst start to the year since the floating exchange rate period. Those worries have since abated, giving the dollar new life.
The latest push higher for the currency came on the back of the Fed’s policy decision on Wednesday, after Powell reiterated it was still premature to ease rates.
Oil prices, a key indicator of currency parity, gained for a fourth straight day on Thursday, as investors worried about supply shortages amid US President Donald Trump’s push for a swift resolution to the war in Ukraine and threats of tariffs on countries buying Russian oil.
Brent crude futures for September delivery, which are set to expire on Thursday, rose 27 cents, or 0.4%, to $73.51 a barrel by 0028 GMT, while US West Texas Intermediate crude for September gained 37 cents, or 0.5%, to $70.37 a barrel.
Both benchmarks settled 1% higher on Wednesday.
The more active Brent October contract was up 29 cents, or 0.4%, at $72.76.
This is an intra-day update
American Dollar Exchange Rate