Pakistan rupee records gain against US dollar
The Pakistani rupee extended its marginal gains against the US dollar, appreciating 0.01% in the interbank market on Tuesday. The local unit closed the day at 277.12, a gain of Re0.03 against the greenback. On Monday , the Pakistani rupee settled at 277.15 against the dollar. Finance Minister Muhammad Aurangzeb held a kick-off meeting with the International Monetary Fund (IMF) mission on Tuesday,…
The Pakistani rupee experienced a marginal gain against the US dollar on Tuesday, appreciating by 0.01%. The local unit closed at 277.12, marking a rise of Re0.03 compared to Monday's settlement at 277.15. Finance Minister Muhammad Aurangzeb met with the International Monetary Fund (IMF) mission in Islamabad for the fourth review of Pakistan's Extended Fund Facility (EFF) arrangement and the third review of the Resilience and Sustainability Facility (RSF).
Internationally, the US dollar reached near a two-month high due to volatile oil prices and a surge in Treasury yields. The dollar index, measuring the US currency against a basket of peers, saw a slight increase to 101.2, signaling a 1.8% advance for the month. Meanwhile, US Treasuries witnessed a deepening selloff, pushing yields to new peaks.
Markets anticipate a more than 70% chance of a Federal Reserve rate hike at the end of October, up from 57% a week prior. Oil prices declined as investors focused on recovering crude exports from the Middle East and potential supply disruptions due to the US-Israeli war on Iran.
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