The Pakistani rupee maintained its momentum against the US dollar, as it appreciated 0.13% during the opening hours of trading in the inter-bank market on Thursday.
At 10am, the rupee was hovering at 284.75, an increase of Re0.38 in the inter-bank market.
On Wednesday, the rupee registered gains to settle at 285.13 against the US dollar.
In a key development, the Federal Board of Revenue (FBR) has given deadline of November 30, 2023 to banks for payment of 40% additional tax on windfall income, profits and gains during calendar years 2021 and 2022.
Globally, the currency markets were lulled by holidays in Japan and the United States on Thursday, leaving the US dollar revelling in its gains after data that cast doubts over market projections for peak Fed rates.
With markets shut in Japan and the United States for the Thanksgiving holiday, currencies barely moved and cash US Treasuries weren’t traded in Asia.
The dollar index rose overnight, bouncing from a 2-1/2 month low, after economic data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week.
At the same time, orders for long-lasting US manufactured goods fell more than expected in October, signalling an economy cooling considerably after hot third-quarter growth.
Oil prices, a key indicator of currency parity, fell by more than 1% on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting, leading to speculation that producers might cut output less than earlier anticipated.
Brent futures were down $1.04, or 1.3%, at $80.92 a barrel by 0230 GMT, after falling as much as 4% on Wednesday. US West Texas Intermediate crude dipped 90 cents, or 1.2%, to $76.20, after declining as much as 5% in the previous session.
This is an intra-day update
