The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Monday.
At close, the currency settled at 280.81, a gain of Re0.01 against the greenback.
During the previous week, the Pakistani rupee posted marginal gain as it appreciated by Re0.09 or 0.03% against the US dollar in the inter-bank market. The local unit closed at 280.82, against 280.91 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar softened on Monday as signs that the federal government could soon reopen buoyed investor confidence after a string of weak economic data.
The dollar index, which tracks the greenback’s strength against a basket of six major currencies, slid 0.1% to 99.643 after the Senate voted to advance a measure that could fund the US government through January.
On prediction market Polymarket, the implied probability that the shutdown would end before November 15 surged to 92%.
Against the yen, the dollar appreciated 0.2% to 153.80 yen , following comments from Japanese Prime Minister Sanae Takaichi on Monday that she would work on setting a new fiscal target extending through several years to allow more flexible spending, essentially watering down the country’s commitment to fiscal consolidation.
Traders are assessing the impact of US President Donald Trump’s economic policies, which had sparked a rush of production earlier in the year ahead of a US deadline to implement tariffs on foreign imports.
The euro was 0.1% weaker at $1.1559, while sterling changed hands at $1.3148 , 0.1% softer on the day.
The offshore yuan was at 7.1204 against the dollar, unchanged in Asian trading.
Oil prices, a key indicator of currency parity, rose on Monday on optimism that the US government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally.
Brent crude futures rose 39 cents, or 0.61%, to $64.02 a barrel by 0751 GMT.
US West Texas Intermediate crude was at $60.18 a barrel, up 43 cents, or 0.72%.
