Rupee records gain against US dollar
The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Monday. The local unit closed the day at 277.31, a gain of Re0.01 against the greenback. On Friday , the Pakistani rupee settled at 277.32 against the dollar. Internationally, the US dollar was steady on Monday with the Japanese yen holding on to its recent sharp gains and hovering near a seven-month…
The Pakistani rupee continued its slight upward trend against the US dollar on Monday, closing at 277.31 per dollar. This marked a gain of Re0.01 compared to Friday's settlement at 277.32. Globally, the US dollar remained stable, with the Japanese yen nearing a seven-month high amid speculation of possible rate hikes by the Federal Reserve and Bank of Japan.
Policymakers worldwide are dealing with fluctuating inflation pressures, primarily triggered by the ongoing US-Israeli conflict in Iran, which has driven oil prices above $100 per barrel. The European Central Bank recently raised interest rates, signaling more hikes could be on the horizon, while the Bank of England is expected to keep rates steady.
Traders have increased expectations for a Fed rate hike, with an 86% chance priced in by the CME FedWatch tool. The euro stood at $1.159, and the British pound at $1.3524, while the US dollar index hovered at 99.15 following recent declines. Oil prices, crucial for currency valuation, surged 3.1% after additional attacks in the Gulf following Saudi Arabia's recent oil pipeline closure.
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