The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.04% during the opening hours of trading in the inter-bank market on Thursday.
At 10:10am, the currency was hovering at 277.62, a gain of Re0.10 against the US dollar.
On Wednesday, the rupee had settled at 277.72, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar traded near a two-month peak against major peers on Thursday as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing, even as a key inflation report loomed later in the day.
The dollar index, which measures the currency against six key rivals, was steady after climbing to the highest since Aug. 16 overnight, as traders further pared bets for US interest rate cuts this year in the wake of last week’s unexpectedly strong payrolls data.
The dollar index was little changed at 102.86 as of 0024 GMT, sticking close to Wednesday’s high of 102.93. The greenback eased 0.18% to 149.035 yen, but was not far from the overnight peak of 146.365.
Oil prices, a key indicator of currency parity, rose on Thursday underpinned by a spike in fuel demand as a major storm barreled into Florida and concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.
Brent crude futures rose 63 cents, or 0.8%, to $77.21 a barrel, while the US West Texas Intermediate (WTI) futures were up 63 cents, or 0.9%, at $73.87 a barrel at 0423 GMT.
The world’s largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida’s west coast, spawning tornadoes and threatening surges of seawater.
This is an intra-day update
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