Rupee gains against US dollar
The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Tuesday. The local unit closed the day at 277.05, a gain of Re0.01 against the greenback. On Monday , the Pakistani rupee settled at 277.06 against the dollar. Internationally, the US dollar extended its blistering rally as it rode US Treasury yields higher. In the broader market, the US dollar…
On Tuesday, the Pakistani rupee continued its slight gains against the US dollar in the interbank market. The local currency closed at 277.05, marking an increase of Re0.01 from the previous day. Internationally, the US dollar experienced a strong rally, driven by rising US Treasury yields that reached multi-decade highs. The US dollar index increased to 102.16, reaching an 18-month high the previous session.
Despite reduced expectations for a Federal Reserve rate hike due to weak US jobs data, investors anticipated further rate hikes from the central bank. Meanwhile, the strength of the greenback was influenced by factors such as resilient Middle Eastern crude exports and a G7 emergency stockpile release, which alleviated supply concerns.
However, oil prices fell as security risks in the region persisted. Brent crude futures dropped by 83 cents, or 0.8%, to $99.49 a barrel, while US West Texas Intermediate crude futures declined by $1, or 1.1%, to $88.43 a barrel.
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