The Pakistani rupee registered gains against the US dollar, appreciating 0.82% during trading in the inter-bank market on Thursday.
At 1:30pm, the rupee was hovering at 278, an increase of Rs2.29, in the inter-bank market.
On Wednesday, the rupee sustained significant losses, as the currency depreciated 1.16% to settle at 280.29.
Globally, the US dollar held the yen near a two-week low, as growing expectations that the US Federal Reserve will keep rates higher for longer had the greenback and US Treasury yields on the rise overnight and markets awaited a speech by Fed Chair Powell.
Fed Governor Christopher Waller and John Williams were among the latest US central bank officials to make comments this week, with the Fed’s Oct. 31 – Nov. 1 monetary policy meeting fast approaching.
Waller, who is one of the Fed’s most hawkish members, said he wants to “wait, watch and see” if the US economy continues its run of strength or weakens in the face of interest rate hikes to date.
The dollar index, which measures the dollar against a basket of currencies, held steady near Wednesday’s high of 106.63 in the Asian morning.
Oil prices, a key indicator of currency parity, fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran’s call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.
Brent futures for December fell 74 cents to $90.76 a barrel.
This is an intra-day update
