The Pakistani rupee did not register a change against the US dollar in the inter-bank market on Thursday, staying at its value of 278.7.
On Tuesday, the local unit had also closed at 278.70 against the greenback, according to the State Bank of Pakistan (SBP).
The currency market was closed on Wednesday due to the Independence Day holiday.
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some strong positive indicators.
Internationally, the US dollar was on the back foot on Thursday, with the euro perched near an eight-month high after data showed US inflation was slowing, underpinning wagers that the Federal Reserve could lower borrowing costs next month.
In the US, data on Wednesday showed the consumer price index rose moderately, in line with expectations, and the annual increase in inflation slowed to below 3% for the first time since early 2021.
The figures add to the mild increase in producer prices in July in suggesting that inflation is on a downward trend, although traders are now anticipating the Fed to be not as aggressive on rate cuts as they had hoped.
The dollar index, which measures the US unit versus six rivals, was last at 102.6, not far from the eight-month low of 102.15 it touched last week.
Oil prices, a key indicator of currency parity, rose on Thursday, supported by optimism potential US interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains.
Brent crude futures climbed 17 cents, or 0.21%, to $79.93 a barrel by 0348 GMT, recovering some of the previous day’s losses.
US West Texas Intermediate crude increased by 21 cents, or 0.27%, to $77.19 per barrel.
Both benchmarks fell more than 1% on Wednesday after US crude inventories rose unexpectedly and on easing worries about a wider Middle East conflict.
This is an intra-day update
The Pakistani rupee did not register a change against the US dollar in the inter-bank market on Thursday, staying at its value of 278.7.
On Tuesday, the local unit had also closed at 278.70 against the greenback, according to the State Bank of Pakistan (SBP).
The currency market was closed on Wednesday due to the Independence Day holiday.
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some strong positive indicators.
Internationally, the US dollar was on the back foot on Thursday, with the euro perched near an eight-month high after data showed US inflation was slowing, underpinning wagers that the Federal Reserve could lower borrowing costs next month.
In the US, data on Wednesday showed the consumer price index rose moderately, in line with expectations, and the annual increase in inflation slowed to below 3% for the first time since early 2021.
The figures add to the mild increase in producer prices in July in suggesting that inflation is on a downward trend, although traders are now anticipating the Fed to be not as aggressive on rate cuts as they had hoped.
The dollar index, which measures the US unit versus six rivals, was last at 102.6, not far from the eight-month low of 102.15 it touched last week.
Oil prices, a key indicator of currency parity, rose on Thursday, supported by optimism potential US interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains.
Brent crude futures climbed 17 cents, or 0.21%, to $79.93 a barrel by 0348 GMT, recovering some of the previous day’s losses.
US West Texas Intermediate crude increased by 21 cents, or 0.27%, to $77.19 per barrel.
Both benchmarks fell more than 1% on Wednesday after US crude inventories rose unexpectedly and on easing worries about a wider Middle East conflict.
This is an intra-day update
American Dollar Exchange Rate