Rupee Strengthens Further Against US Dollar

The Pakistani rupee extended its gains against the US dollar, appreciating by 0.02% in the inter-bank market on Tuesday.

At the market’s close, the rupee was recorded at 281.96, reflecting an increase of Re0.06. This marks the eighth consecutive session of appreciation for the rupee against the dollar.

On the preceding day, Monday, the rupee concluded trading at 282.02.

In global markets, the US dollar remained stable against major currencies as investors awaited developments from a White House summit concerning the situation in Ukraine.

The dollar index saw a rise of 0.31%, reaching 98.122, with geopolitical factors influencing market sentiment. This followed statements from the US regarding security assurances for Ukraine in potential agreements to end the conflict.

The euro held steady at $1.1667, showing a slight increase of 0.06% in Asian trading, remaining within its established two-week range.

Market focus this week is on the Federal Reserve’s annual symposium in Jackson Hole, where insights into future interest rate strategies are anticipated.

A speech by Fed Chair Jerome Powell is scheduled, addressing the economic outlook and the central bank’s approach to policy.

Oil prices experienced a slight downturn in early Asian trading on Tuesday as market participants considered prospective talks involving Russia, Ukraine, and the US, which could potentially alleviate sanctions on Russian oil.

Brent crude futures decreased by 7 cents, or 0.11%, settling at $66.53 a barrel. US West Texas Intermediate crude futures for September delivery edged down by 6 cents, or 0.09%, to $63.36 per barrel.

The more active October WTI contract showed a decrease of 9 cents, or 0.14%, trading at $62.61 a barrel.