Rupee Exhibits Minor Recovery Against US Dollar

The Pakistani rupee demonstrated a marginal improvement against the US dollar, gaining 0.08% in the early trading hours of Thursday in the inter-bank market.

At approximately 10 a.m., the rupee’s value stood at 282.45, reflecting a rise of Re0.22.

The currency had closed at 282.67 on Wednesday.

On the global front, the US dollar experienced a decline against major currencies on Thursday, influenced by increasing expectations of Federal Reserve rate adjustments and growing apprehension regarding partisan influences affecting crucial US institutions.

Initial unemployment claims in the United States are being closely monitored following the previous week’s unsatisfactory nonfarm payroll figures, which led to a weakening of the dollar. Meanwhile, the euro has garnered support as discussions are expected to take place the following week aimed at resolving the conflict between Russia and Ukraine.

The dollar index, which tracks the greenback’s performance against a group of major currencies, slightly increased by 0.1% to reach 98.259 in early trading in Asia, following a 0.6% decrease in the prior session.

The US currency showed minimal change at 147.36 yen.

The euro was valued at $1.1654, showing a decrease of almost 0.1% after a previous rise of 0.7%.

Oil prices, a significant indicator of currency values, increased on Thursday, interrupting a five-day decline, due to indications of consistent demand in the US. Brent crude futures increased by 20 cents, equivalent to 0.3%, reaching $67.09 per barrel by 0039 GMT, while US West Texas Intermediate crude reached $64.57 per barrel, rising by 22 cents, or 0.3%.

Both benchmarks had decreased by approximately 1% to their lowest levels in eight weeks on Wednesday, following remarks made by US President Donald Trump regarding advancements in discussions with Moscow.

This information constitutes an intra-day market update.