The Pakistani rupee strengthened against the US dollar, appreciating 0.07% during the opening hours of trading in the inter-bank market on Thursday.
At 10am, the currency was hovering at 281.02, a gain of Re0.19 against the greenback.
On Wednesday, the local unit closed at 281.21.
Globally, enter link description herethe US dollar held steady on Thursday, on track for its best week in nearly a year, buoyed by a weak yen that has struggled on the back of a change of guard in Japan’s ruling party.
The yen has been whiplashed after conservative Sanae Takaichi was picked as head of Japan’s Liberal Democratic Party, putting her on course to become the country’s first female prime minister and stoking bets of a revival in big spending and loose monetary policy.
The Japanese currency was last a touch stronger at 152.49 per dollar, after having slid to an eight-month low of 153 per dollar overnight. It has fallen more than 3% for the week thus far, set for its worst performance since September 2024.
Against a basket of currencies, the dollar was little changed at 98.77 .
Federal Reserve officials agreed at their recent policy meeting that risks to the US job market had increased enough to warrant a rate cut, but remained wary of high inflation amid a debate about how much borrowing costs were weighing on the economy, minutes of their September meeting showed on Wednesday.
Oil prices, a key indicator of currency parity, fell on Thursday after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza, easing geopolitical tension in the Middle East.
Brent crude futures were down 34 cents, or 0.51%, at $65.91 a barrel by 0413 GMT. US West Texas Intermediate crude fell 38 cents, or 0.61%, to $62.17.
This is an intra-day update
