The Pakistani rupee maintained its upward trajectory against the US dollar, appreciating 0.12% during the opening hours of trading in the inter-bank market on Tuesday.
At 10am, the currency was hovering at 282.33, a gain of Re0.33.
On Monday, the currency settled at 282.66.
Globally, the US dollar wavered on Tuesday as the rising odds of Federal Reserve rate cuts weighed on sentiment, while investors assessed the broader economic impact of US tariffs unleashed last week.
The dollar remained under pressure following Friday’s US jobs report that showed cracks in the labour market, prompting traders to swiftly price in rate cuts next month.
US President Donald Trump’s firing of a top statistics official and the resignation of Federal Reserve Governor Adriana Kugler also exacerbated market unease, leading to a sharp dive in the dollar on Friday.
The US currency found its footing on Monday but was weaker in early trading on Tuesday. The euro last bought $1.1579 while sterling stood at $1.3298.
The dollar index, which measures the US currency against six other units, was at 98.688 after touching a one-week low earlier in the session.
Traders are now pricing in a 94.4% chance of the Fed cutting rates in its next meeting in September, compared to 63% a week earlier, CME FedWatch tool showed.
Oil prices, a key indicator of currency parity, were little changed on Tuesday after three days of declines on mounting oversupply concerns after OPEC+ agreed to another large output increase in September, though the potential for more Russian supply disruptions supported the market.
Brent crude futures were unchanged at $68.76 a barrel by 0036 GMT while US West Texas Intermediate crude was at $66.27 a barrel, down 2 cents, or 0.03%.
Both contracts fell by more than 1% in the previous session to settle at their lowest in a week.
This is an intra-day update
