The Pakistani rupee registered marginal losses against the US dollar as it depreciated 0.02% during the opening hours of trading in the inter-bank market on Monday.
At 11am, the rupee was hovering at 285.43, a decrease of Re0.06 in the inter-bank market.
During the previous week, the rupee extended its winning streak for the second week as it appreciated 0.39% or Rs1.13 to settle at 285.37 against the US dollar in the inter-bank market.
The local currency gained in the first three days of the week. However, it edged lower in the remaining two sessions. It was the second consecutive week that the rupee appreciated against the dollar.
Earlier, the local currency had rebounded from 4-week losses, helped by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on first review of the $3 billion Stand-by Arrangement (SBA).
In a key development, Caretaker Federal Minister for Finance Dr Shamshad Akhtar said political and economic instability over a period of time had greatly disrupted Pakistan’s economic growth, which should be backed by structural reforms.
Internationally, the US dollar kicked off the last week of November on the back foot while sterling held near an over two-month high on an easing economic gloom in the UK, as traders eyed fresh economic cues in the week ahead to determine the future path of policy rates.
A postponed OPEC+ meeting, data from the Federal Reserve’s favoured measure of inflation alongside inflation readings in the eurozone and Australia fill this week’s calendar, which will also see a rate decision from the Reserve Bank of New Zealand (RBNZ) and Chinese PMI data.
The dollar kicked off the last week of November on the back foot while sterling held near an over two-month high on an easing economic gloom in the UK, as traders eyed fresh economic cues in the week ahead to determine the future path of policy rates.
A postponed OPEC+ meeting, data from the Federal Reserve’s favoured measure of inflation alongside inflation readings in the eurozone and Australia fill this week’s calendar, which will also see a rate decision from the Reserve Bank of New Zealand (RBNZ) and Chinese PMI data.
Oil prices, a key indicator of currency parity, slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.
Brent crude futures fell 37 cents, or 0.5%, to $80.21 a barrel, while US West Texas Intermediate crude futures were at $75.18 a barrel, down 36 cents, or 0.5%.
This is an intra-day update
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