Intra-day update: rupee slips further against US dollar

The Pakistani rupee remained under pressure against the US dollar, depreciating nearly 0.1% during trading in the inter-bank market on Tuesday. At 10:25am, the rupee was hovering at 302.26, a decrease of Re0.26, in the inter-bank market. On Monday, the rupee had closed at then-record low against the US dollar at 302. Despite securing a last-minute deal with the International Monetary Fund (IMF), the currency has come under renewed pressure amid falling foreign exchange inflows, while concerns have risen over a widening current account deficit after authorities lifted curbs on imports. Internationally, the US dollar was tentative on Tuesday as traders resisted placing large bets ahead of a slew of economic data this week, while the yen struggled near levels that triggered intervention last year. That view gained more traction in the wake of Fed Chairman Jerome Powell on Friday suggesting that further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty. The dollar index, which measures US currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. Oil prices, a key indicator of currency parity, traded flat on Tuesday as worries that further possible US interest rate hikes could pull down demand were countered by concerns a tropical storm off the US Gulf Coast may impact supply. This is an intra-day update