KEY POINTS
- Pakistani rupee closes at 280.22 against the US dollar, up Rs 0.03
- Interbank market shows cautious investor activity amid global currency movements
- Yen weakens sharply; oil prices rise on supply concerns
ISLAMABAD: The Pakistani rupee maintains its gaining spree against the US dollar on Monday, appreciating by 0.01 per cent in the interbank market.
At close, the local currency settled at 280.22, up Rs 0.03 against the greenback, according to the State Bank of Pakistan (SBP).
Trading was cautious as investors awaited global cues. Last week, the rupee had posted a gain of Rs 0.06, closing at 280.25 compared to 280.31 in the previous week.
Global Currency Trends
The Japanese yen languished near an 11-month trough versus the US dollar and close to a 17-month low against the Australian dollar after the Bank of Japan maintained its cautious stance following Friday’s rate hike.
The yen lost 1.3 per cent against the euro, 1.4 per cent against the US dollar, and 1.5 per cent against the Aussie dollar, while Japanese government bond yields surged past 2 per cent.
The US dollar edged down 0.1per cent to 157.56 yen but remained near last month’s high of 157.90.
The euro eased 0.1per cent to 184.51 yen, near Friday’s record peak of 184.75, and was flat at $1.1714.
The Australian dollar weakened slightly to 104.20 yen, rising 0.1per cent to $0.6616.
Oil Market Influence
Oil prices, a key indicator of currency parity, climbed on Monday after the US intercepted a Venezuelan oil tanker in international waters, stoking supply disruption concerns. Brent crude futures rose.
