The Pakistani rupee depreciated marginally against the US dollar, falling 0.06% in the inter-bank market on Monday.
At close, the local unit settled at 278.37, a decline of Re0.17 against the greenback.
During the previous week, the rupee strengthened marginally as it gained Re0.13 or 0.04% against the US dollar. The local unit closed at 278.20, against 278.33 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In recent weeks, the domestic currency has largely been around 277-279 against the dollar as Pakistan moves forward with its plan to win a longer and longer International Monetary Fund (IMF) bailout programme.
Last week, the IMF said talks were continuing virtually with authorities in Islamabad towards reaching a staff-level agreement (SLA) on a new programme.
Internationally, the euro fell on Monday as the French President Emmanuel Macron called a shock election after being trounced in the European Union vote by the far-right, while the US dollar was steady ahead of the Federal Reserve meeting later in the week.
US nonfarm payrolls expanded by 272,000 jobs last month, data showed, while economists polled by Reuters had forecast payrolls advancing by 185,000.
The dollar index, which measures the US currency against six rivals, was at 105.09, the highest since May 30, after rising 0.8% on Friday following data that showed the world’s largest economy created a lot more jobs than expected in May.
Oil prices, a key indicator of currency parity, edged up on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the dollar on receding expectations of imminent cuts to US interest rates.
Goldman Sachs analysts expect Brent to rise to $86 a barrel in third quarter, saying in a report that solid summer transport demand will push the oil market into a third-quarter deficit of 1.3 million barrels per day (bpd).
Brent crude futures gained 28 cents, or 0.4%, to $79.90 a barrel by 0815 GMT.
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