The Pakistani rupee recorded marginal improvement against the US dollar, appreciating 0.07% during the opening hours of trading in the inter-bank market on Monday.
At 10am, the currency was hovering at 280.43, a gain of Re0.19 against the greenback.
During the previous week, the Pakistan rupee posted marginal gain as it appreciated by Re0.10 or 0.04% against the US dollar in the inter-bank market.
The local unit closed at 280.62, against 280.72 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar was steady and traders were wary on Monday as intervention risks swirled around the yen, with the gilt market on edge ahead of a British budget in a holiday-interrupted week where a New Zealand policy meeting is also expected to deliver a rate cut.
A holiday in Tokyo lightened trade in Asia and left the yen drifting lower at 156.71 per dollar in the early morning.
Japan’s currency has been sliding on a combination of its low interest rate and looser fiscal policies, but it bounced from 10-month lows late last week when Finance Minister Satsuki Katayama ramped up verbal warnings of official yen buying.
Traders see intervention looming somewhere between 158 and 162 yen per dollar, with Thanksgiving-thinned trade later in the week a possible window for authorities to step in.
Japan can actively intervene in the currency market to mitigate the negative economic impact of a weak yen, Takuji Aida, a private-sector member of a key government panel, said in a television programme on public broadcaster NHK on Sunday.
Elsewhere, the euro was held in check at $1.1506, without much of a boost despite a resurgence in wagers on a US rate cut in December.
The dollar index was steady at 100.25 and other majors were held fairly close to recent lows.
Oil prices, a key indicator of currency parity, slipped Monday, extending losses from last week, as Russia-Ukraine peace talks edged closer to a solution and the US dollar strengthened.
Brent crude futures fell 14 cents, or 0.22%, to $62.42 per barrel at 0148 GMT.
West Texas Intermediate was down 15 cents, or 0.26%, at $57.91 a barrel.
Both crude benchmarks were down about 3% last week and hit their lowest settlements since October 21, as market participants worried that a Russia-Ukraine peace deal could lift sanctions on Moscow and flood the market with previously sanctioned supply
This is an intra-day update
