The Pakistani rupee remained mainly stable against the US dollar on Monday morning, experiencing a slight depreciation of 0.01% in the interbank market. At 10 am, the rupee was trading at 278.53, indicating a minor drop of Re0.02 against the greenback. This minor fluctuation was observed during the early trading hours.
Last week, the Pakistani rupee remained steady against the US dollar, closing at 278.51, precisely the same rate as the week before, according to data released by the State Bank of Pakistan (SBP). Over the past few weeks, the rupee has been hovering in a narrow range, trading between 277 and 279 against the dollar. This period of relative stability comes as Pakistan continues to work towards securing a more extended and substantial bailout program from the International Monetary Fund (IMF).
On a global scale, the US dollar, a key player in the currency market, maintained its position on Monday as traders eagerly awaited fresh insights into the US inflation scenario. This scenario, which could significantly influence future interest rate decisions, is a crucial factor in the stability of the US dollar. โThe US dollar has opened strong this morning and seems to have risen following better US PMI data on Friday night and political concerns ahead of the French election,โ commented Tony Sycamore, a Sydney-based markets analyst at IG.
The dollar index, which tracks the US dollar against six major currencies, was last seen at 105.84. This figure is close to the nearly eight-week high of 105.91 recorded last week. Throughout this week, market participants will focus on the US personal consumption expenditures (PCE) price index, which serves as the Federal Reserveโs preferred measure of inflation. The data is expected to be released on Friday.
Oil prices, a key indicator of currency value, played a significant role in the market on Monday. Concerns about prolonged high interest rates, which tend to boost the dollar, overshadowed the support for oil markets stemming from geopolitical tensions and OPEC+ supply cuts. This interplay of factors underscores the complex nature of the global currency market. Brent crude futures fell by 5 cents to 85.19๐๐๐๐๐๐๐๐๐ฆ0417๐บ๐๐,๐๐๐๐๐๐ค๐๐๐๐0.685.19abarrelby0417GMT,followinga0.680.66 a barrel, down 7 cents.
Stay tuned to The Update Times for more updates.
