The Pakistani rupee registered a marginal gain against the US dollar as it appreciated 0.04% during the opening hours of trading in the inter-bank market on Tuesday.
At 11:10am, the rupee was hovering at 285.53, an increase of Re0.11 in the inter-bank market.
On Monday, the rupee registered marginal losses to settle at 285.64 against the US dollar.
Internationally, the US dollar ticked down to a three-month low against peer currencies on Tuesday after slipping overnight on weaker-than-expected new home sales data, while traders hunkered down on bets that the Federal Reserve could start cutting interest rates in the first half of next year.
US new home sales fell 5.6% to a seasonally adjusted annual rate of 679,000 units in October, data showed, below the 723,000 units expected by economists polled by Reuters and sending Treasury yields into a decline.
The dollar index, a measure of the greenback against a basket of currencies, was last at 103.11, its lowest since Aug. 31.
The dollar was track for a loss of more than 3% in November, its worst performance in a year.
Market expectation that the Fed’s rate increase cycle has finally come to an end has also put downward pressure on the greenback.
Oil prices, a key indicator of currency parity, rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.
Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak.
US West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6%, at $75.28 a barrel, after falling for three straight sessions.
This is an intra-day update
