Rupee records gain against US dollar
The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Monday. The local unit closed the day at 276.81, a gain of Re0.01 against the greenback. During the previous week, the Pakistani rupee extended its marginal gain against the US dollar for another week, appreciating 0.03% in the inter-bank market. The local unit closed at 276.82 against the greenback,…
On Monday, the Pakistani rupee experienced a marginal gain against the US dollar in the inter-bank market, closing at 276.81, marking a gain of Re0.01. This follows the rupee's continued marginal gain over the previous week, with an appreciation of 0.03%. The local unit closed at 276.82 against the greenback, reflecting a gain of Re0.09 from its previous week's closing of 276.91, according to State Bank of Pakistan (SBP) data.
In the broader market, major currencies traded within tight ranges on Monday, signaling the onset of a busy week of central bank decisions and corporate earnings. A pullback in oil prices and Treasury yields, however, put pressure on the US dollar. US Treasuries largely held onto gains from a recent safe-haven rally, with yields on the 10-year and 30-year notes hovering near one-month lows.
Meanwhile, the euro strengthened 0.16% to $1.122, buoyed by optimism that France would avoid a Moody's downgrade despite social unrest. The British pound also showed a slight gain of 0.1% to $1.3385. The dollar index, measuring the US currency against a basket of peers, slightly weakened to 101.64. The Australian and New Zealand dollars, while slightly weaker, still fell modestly against the dollar.
Oil prices, a critical factor in currency valuation, experienced a decline on Monday, despite their recent surge. Brent crude futures dropped $1.90, or 1.63%, to $114.82, while US West Texas Intermediate crude futures fell $2.08, or 2%, to $101.19 per barrel.
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