The Pakistani rupee registered gains against the US dollar, appreciating 0.18% during the opening hours of trading in the inter-bank market on Wednesday.
At 11:45am, the rupee was hovering at 285, an increase of Re0.52 in the inter-bank market.
On Tuesday, the rupee registered a marginal gain to settle at 285.52 against the US dollar.
In a key development, the National Accounts Committee (NAC) revised the GDP growth rate downward for fiscal year 2022-23 to -0.17%, which was provisionally estimated at 0.29%.
The committee chaired by the secretary Ministry of Planning, Development and Special Initiatives also approved the introduction of Quarterly National Accounts in the statistical system of the country.
The GDP estimates have been released to meet the IMF structural benchmark under a tight deadline and are based on available information and data.
Internationally, the US dollar fell broadly on Wednesday to hit its lowest against the yen in more than two months and languished near a three-month trough against its major peers, as expectations mount the Federal Reserve could begin lowering rates by early next year.
The greenback tumbled to 147.02 yen and pushed the euro back above $1.10 to last trade at $1.10025, after Fed Governor Christopher Waller – a known hawkish and influential voice at the central bank – on Tuesday flagged a possible rate cut in the months ahead.
Market pricing currently shows a 40% chance the Fed could begin easing monetary policy as early as next March, as compared to a roughly 22% chance a day ago, according to the CME FedWatch tool.
Against a basket of currencies, the greenback slid to a more than three-month low of 102.60. The dollar index was eyeing a nearly 4% loss for November, its worst monthly performance in a year.
Oil prices, a key indicator of currency parity, rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts.
Brent crude futures gained 33 cents, or 0.4%, at $82.01 a barrel at 0127 GMT. US West Texas Intermediate (WTI) crude futures climbed 45 cents, or 0.6%, to $76.86 a barrel.
This is an intra-day update
