RECORDER REPORT
KARACHI: The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.01 percent in the inter-bank market on Tuesday.
At close, the currency settled at 280.87, a gain of Re0.03 against the greenback.
On Monday, the local unit closed at 280.90. Globally, the US dollar was steady on Tuesday, hovering near a three-month high as a divided Federal Reserve spurred traders to rein in interest rate cut wagers. At the same time, investors awaited an Australian policy meeting where the central bank is likely to stand pat. The yen was softer at 154.38 per US dollar in early Asian hours, just shy of the eight-and-a-half-month low it touched last week, leading to some jawboning from Tokyo and stoking intervention jitters.
Fed officials continued pressing competing views of where the economy stands and the risks facing it in the absence of economic data suspended due to the federal government shutdown.
The Fed cut rates last week, but Chair Jerome Powell suggested that might be the last cut of the year.
Traders are now pricing in a 65 percent chance of a rate cut in December, compared with 94 percent a week earlier, CME FedWatch showed.
That shift in near-term expectations has boosted the dollar.
The dollar index, which measures the US currency against six other units, was 0.1 percent higher at 99.99, at a three-month high.
Oil prices, a key indicator of currency parity, fell more than 1 percent on Tuesday as the OPEC+ decision to pause output hikes in the first quarter of next year, along with weak manufacturing data and a stronger dollar, weighed on the market. Brent crude futures fell 81 cents, or 1.25 percent, to USD64.08 a barrel by 1310 GMT. US West Texas Intermediate crude was down 84 cents, or 1.38 percent, at $60.21.
Open-market
movement
In the open market, the PKR gained 3 paise for buying and 5 paise for selling against USD, closing at 281.40 and 281.90, respectively.
Against Euro, the PKR gained 54 paise for buying and 65 paise for selling, closing at 323.39 and 326.86, respectively.
Against UAE Dirham, the PKR gained 3 paise for buying and 5 paise for selling, closing at 76.67 and 77.50, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and 2 paise for selling, closing at 74.96 and 75.58, respectively.
LAHORE
The buying rate of Pakistani rupee stayed put against the US dollar, while its selling value improved slightly against the US dollar. However, the rupee edged up against the British pound in the local currency market here on Tuesday.
Currency dealers said the Pak rupee fared well in early trading session, but later in the day, showed a volatile movement till close of the market. Dealers quoted the final buying and selling rates of the rupee as Rs 281.10 and Rs 281.90, respectively compared with its previous rates of Rs281.10 and Rs 281.50, respectively.
The local currency posed gains versus the British pound, buying and selling rate at Rs 366.5o and Rs 371.50, respectively against its Monday’s closing of Rs 368.20 and Rs 372.20, respectively.
