Pakistan rupee registers gain against US dollar
The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Thursday. The local unit closed the day at 276.61, a gain of Re0.01 against the greenback. On Wednesday , the rupee had closed at 276.62 against the dollar. Internationally, the US dollar climbed to a 19-month high against major peers on Thursday, supported by growing expectations of a Federal…
On Thursday, the Pakistani rupee made a slight gain against the US dollar in the inter-bank market, closing at 276.61, marking an increase of Re0.01 from the previous day's closing rate of 276.62. Internationally, the US dollar reached a 19-month high against major currencies on Thursday, fueled by expectations of a Federal Reserve rate hike.
Traders increased their bets on further Fed tightening after stronger-than-expected October inflation data and hawkish remarks from US central bank officials. The dollar index climbed by 0.15% to 103.02, its highest level since April of last year. Against the Japanese yen, the dollar rebounded from an earlier drop, trading 0.04% higher at 159.83, due to substantial interest-rate differentials and heightened expectations of Fed rate hikes.
Oil prices, which impact currency parity, nudged upward as Middle East and Russia tensions persisted, despite rising crude output. Brent crude futures climbed 65 cents to $93.40 per barrel, while US West Texas Intermediate crude rose a cent to $86.54, both heading for a weekly decline.
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