Rupee Continues to Weaken Against US Dollar in Intra-day Update

The Pakistani rupee fell more against the US dollar on Tuesday, losing roughly 0.9% in intraday trading.

At 12:50 p.m., the rupee was trading at 281.72, down Rs2.46 in the interbank market.

On Monday, the rupee suffered its second consecutive loss versus the US dollar, falling 0.6% to close at 279.26 in the interbank market.

In a significant milestone, Pakistan’s top military leadership pledged to fully support the government’s strategic efforts for economic resuscitation by offering all necessary technical and management support for the benefit of the people of Pakistan.

Globally, the US dollar trembled near a one-year low against its main counterparts on Tuesday, as investors awaited new triggers to determine whether the greenback had additional downside in the aftermath of last week’s lower-than-expected US inflation report.

After falling to its lowest level since April 2022 on Friday, the US dollar index, which measures the greenback against a basket of six currencies, fell marginally to 99.84 in early Asia trade.

Last week, the index had its worst week since 2023, as data indicated that US inflation has slowed further, with consumer prices reporting their weakest annual increase in more than two years, easing pressure on the Federal Reserve to continue raising interest rates.

Oil prices, a crucial indicator of currency parity, rose in early trade on Tuesday after falling the previous session due to weaker-than-expected Chinese economic growth, as investors anticipated a probable tightening of US oil supplies.

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