The Pakistani rupee maintained its upward trend against the US dollar, appreciating 0.1% during the opening hours of trading in the inter-bank market on Thursday.
At 10:40am, the rupee was hovering at 281.65, a gain of Re0.30 against the greenback.
On Wednesday, the local unit had closed the session at 281.95.
The rupee has maintained a positive trajectory against the greenback in recent days on account of improved sentiment in the currency market amid an ongoing crackdown by law enforcement agencies against illegal currency dealers and smugglers.
Internationally, the US dollar drifted on Thursday as investors fretted about the Federal Reserve’s independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates.
Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the US central bank.
The Japanese yen held onto gains made in previous sessions and was little changed at 147.41 per dollar, while the euro was steady at $1.1642. Sterling last fetched $1.34535.
That left the dollar index, which measures the US currency against six other peers, steady at 98.301.
Trump has repeatedly criticised Powell for being too slow to cut rates, stoking investor worries about the central bank’s independence and its credibility.
Oil prices, a key indicator of currency parity, gained slightly on Thursday as larger-than-expected declines crude oil and fuel inventories in the US, the world’s biggest oil user, supported expectations for steady demand.
Brent crude futures were up 13 cents, or 0.19%, to $66.97 a barrel at 0055 GMT, after gaining 1.6% in the previous session. US West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.24%, to $62.86, after climbing 1.4% on Wednesday.
This is an intra-day update
