Intra-day update: rupee sees some improvement against US dollar
The Pakistani rupee saw minor improvement against the US dollar during the opening hours of trading, appreciating 0.34% on Thursday. At around 10:10am, the rupee was hovering at 293.93, an increase of Re1, in the inter-bank market. On Wednesday, the rupee closed to its weakest level since May 11 this year against the US dollar, as it depreciated 1.16% to settle at 294.93 in the inter-bank. In a key development, former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar was appointed caretaker finance minister. The development comes as the process of appointing key members of the cabinet under caretaker prime minister Anwaar-ul-Haq continues amid widespread speculation. Globally, the US dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates, while a strikingly ultra-dovish Bank of Japan struggled to defend its policy stance. Although most money markets expect the Federal Reserve to keep interest rates on hold in September, with some betting that the central bank may already have completed its tightening cycle, a recent run of resilient US economic data has reinforced the view that interest rates will remain at restrictive levels for some time. Data on Wednesday showed that US single-family homebuilding surged in July and permits for future construction rose, while a separate report revealed production at US factories unexpectedly rebounded last month. The US dollar index touched a two-month high of 103.59. Oil prices, a key indicator of currency parity, were choppy on Thursday after falling over the past three sessions, with the undertone grim on worries that slowing growth in China and possible further US interest rate hikes will weaken fuel demand in the world’s two biggest economies. This is an intra-day update
Karobar
The Pakistani rupee saw minor improvement against the US dollar during the opening hours of trading, appreciating 0.34% on Thursday.
At around 10:10am, the rupee was hovering at 293.93, an increase of Re1, in the inter-bank market.
On Wednesday, the rupee closed to its weakest level since May 11 this year against the US dollar, as it depreciated 1.16% to settle at 294.93 in the inter-bank.
In a key development, former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar was appointed caretaker finance minister.
The development comes as the process of appointing key members of the cabinet under caretaker prime minister Anwaar-ul-Haq continues amid widespread speculation.
Globally, the US dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates, while a strikingly ultra-dovish Bank of Japan struggled to defend its policy stance.
Although most money markets expect the Federal Reserve to keep interest rates on hold in September, with some betting that the central bank may already have completed its tightening cycle, a recent run of resilient US economic data has reinforced the view that interest rates will remain at restrictive levels for some time.
Data on Wednesday showed that US single-family homebuilding surged in July and permits for future construction rose, while a separate report revealed production at US factories unexpectedly rebounded last month.
The US dollar index touched a two-month high of 103.59.
Oil prices, a key indicator of currency parity, were choppy on Thursday after falling over the past three sessions, with the undertone grim on worries that slowing growth in China and possible further US interest rate hikes will weaken fuel demand in the world’s two biggest economies.
This is an intra-day update
