The Pakistani rupee strengthened against the US dollar, appreciating 0.25% during the opening hours of trading in the inter-bank market on Monday.
At 11:40am, the currency was hovering at 282.72, a gain of Re0.73.
During the previous week, the rupee gained 0.50% against the US dollar, which was the highest in the last 93 weeks, AKD Securities Limited said in a report. The local unit closed at 283.45, against 284.87
Internationally, the euro gained on Monday following the announcement of a framework trade agreement between the United States and the European Union, the latest in a flurry of deals to avert a global trade war.
Meeting in Scotland on Sunday, US President Donald Trump and European Commission President Ursula von der Leyen announced the deal, which will result in a 15% tariff on EU goods, half what Trump had threatened to impose from August 1.
Senior US and Chinese negotiators are due to meet in Stockholm on Monday to extend a trade truce and prevent steep tariff hikes. Meanwhile, investor attention is shifting towards corporate earnings and central bank meetings in the US and Japan.
The euro stood at $1.1763, up 0.2% so far in Asia. The common currency rose 0.2% to 173.78 yen.
Trump said the EU plans to invest some $600 billion in the US and dramatically increase its purchases of American energy and military equipment.
The US dollar advanced on Friday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts.
Both the Fed and the Bank of Japan are expected to hold rates steady at this week’s policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next moves.
The dollar index, which tracks the greenback against major peers, fell 0.1% to 97.534.
Oil prices, a key indicator of currency parity, rose on Monday after the US reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand.
Brent crude futures inched up 22 cents, or 0.32%, to $68.66 a barrel by 0035 GMT while US West Texas Intermediate crude was at $65.38 a barrel, up 22 cents, or 0.34%.
This is an intra-day update
