Pakistani Rupee Continues to Strengthen Against US Dollar
KARACHI: The Pakistani rupee continued its gradual recovery against the US dollar in the interbank market on Monday, posting a marginal gain.
At the close of trading, the local currency settled at Rs277.15 per US dollar, improving by one paisa from the previous closing rate of Rs277.16.
The rupee had closed at Rs277.16 at the end of the previous week, compared with Rs277.25 a week earlier, reflecting a cumulative improvement of nine paisas over the week.
US Dollar and Global Currencies
Globally, the US dollar remained close to a two-month high amid rising crude oil prices linked to tensions between the United States and Iran. The Dollar Index stood at 101.15 and was on track for a 1.7 percent gain in September.
The euro and British pound came under pressure as the dollar strengthened. Both currencies declined by around 0.1 percent, with the euro trading at $1.1379 and the pound at $1.3232, near multi-month lows.
US Economic Data and Interest Rates
Traders and investors are awaiting key US economic data due later this week, including the Non-Farm Payrolls report. According to the CME FedWatch Tool, the probability of another US Federal Reserve rate hike by the end of October stood at 65 percent.
Crude Oil Prices Rise More Than 2 Percent
Global crude oil prices rose by more than 2 percent after US President Donald Trump rejected an Iranian peace offer aimed at resolving the dispute and reopening the Strait of Hormuz.
Brent crude rose by $2.60, or 2.49 percent, to $106.92 per barrel, while US West Texas Intermediate (WTI) increased by $2.08, or 2.25 percent, to $94.49 per barrel.
