Rupee records gain against US dollar
The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Thursday. The local unit closed the day at 277.01, a gain of Re0.01 against the greenback. On Wednesday , the Pakistani rupee settled at 277.02 against the dollar. Internationally, the US dollar held near its highest level in a year-and-a-half in subdued trading at the start of the Asian session on…
The Pakistani rupee continued to strengthen against the US dollar on Thursday, closing at 277.01, marking a gain of Re0.01. This represents an improvement from Wednesday's settlement of 277.02. Internationally, the US dollar maintained its position near its highest level in 1.5 years, trading at 102.23 amid subdued trading. The dollar index remained steady at 102.23 after a 0.3% increase on Wednesday.
Following hawkish remarks from the Federal Open Market Committee, traders have remained cautious, with the greenback hovering near its strongest levels since April 9, 2025. The Federal Reserve raised interest rates by 0.25% at its September 15-16 meeting, but minutes from that meeting suggested some disagreements over the decision.
Despite this, expectations remain that the Fed will not hike rates at its upcoming meeting. Fed funds futures indicate a 19% chance of a 25-basis-point increase at the Fed's next two-day meeting on October 28, unchanged from the previous day. Meanwhile, the US dollar weakened against the Japanese yen by 0.2% to 157.815 yen, following Japan's current account surplus of 4.062 trillion yen ($25.7 billion) in August, surpassing expectations of a 3.19 trillion yen surplus.
Oil prices climbed as geopolitical tensions in the Middle East persisted and a hurricane threatened offshore production in the US, with Brent crude futures rising 2.28% to $102.28 a barrel.
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