RECORDER REPORT
KARACHI: The Pakistani rupee recorded marginal improvement against the US dollar as it appreciated 0.01 percent in the inter-bank market on Tuesday.
At close, the currency settled at 280.67, a gain of Re0.04 against the greenback.
On Monday, the local unit closed at 280.71.
Internationally, the Japanese yen slid to its weakest level in more than nine months in early Asian trading on Tuesday as the US dollar benefited from receding expectations that the Federal Reserve would cut interest rates at its policy meeting next month.
The US dollar edged as much as 0.1 percent higher against the yen to 155.29, the Japanese currency’s weakest level since February 4 this year, ahead of the release of delayed US payrolls data for September due on Thursday.
The recent moves in the yen prompted Japanese Finance Minister Satsuki Katayama to express concern at a regular news conference on Tuesday.
Japanese Prime Minister Sanae Takaichi is due to meet Bank of Japan Governor Kazuo Ueda later on Tuesday. A proponent of expansionary fiscal and monetary policy, Takaichi has filled seats in key government panels with advocates of big spending backed by low interest rates - policies that work to depreciate the yen’s value.
Fed funds futures are pricing an implied 43 percent probability of a 25-basis-point cut at the US central bank’s next meeting on December 10, down from a 62 percent chance a week ago and expectations that a cut was a near-certainty a month ago, according to the CME Group’s FedWatch tool.
The dollar index, a measure of the US currency against major rivals, was last up 0.2 percent at 99.545, snapping a four-day losing streak to reclaim a one-week high.
Oil prices, a key indicator of currency parity, steadied on Tuesday, regaining ground after early losses, as traders weighed the impact of Western sanctions on Russian oil flows against an expected supply surplus next year.
Brent crude was up 12 cents, or 0.2 percent, at USD64.32 a barrel by 1330 GMT. US West Texas Intermediate (WTI) crude gained 14 cents, or 0.2 percent, to USD60.05.
Open-market
movement
In the open market, the PKR gained 4 paise for buying and 5 paise for selling against USD, closing at 281.31 and 281.70, respectively.
Against Euro, the PKR gained 41 paise for buying and 43 paise for selling, closing at 325.32 and 328.32, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 76.61 and 77.44, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 2 paise for selling, closing at 74.92 and 75.55, respectively.
LAHORE
The Pakistani rupee was marginally up against the USD while it stayed almost unchanged versus the British pound, in the local currency market here on Tuesday.
Currency dealers said that the rupee showed positive signs in early trading session, but subsequently showed a mixed trend to finally finish with marginal gains against the greenback.
Dealers quoted final buying and selling rates of the rupee against the greenback as Rs 281.20 and Rs 281.70, respectively as compared to Tuesday’s at Rs 281.30 and Rs 281.75, respectively.
The rupee stayed almost stable against the British pound as dealers quoted its buying and selling rates at close of the market as Rs 369.00 and Rs 371.90 as against previous day’s value of Rs 369.00 and Rs 372.00, respectively.
