NEWS DESK
KARACHI: Pakistan’s rupee continued its stability creek against the US dollar in the inter-bank market, and appreciated 0.05 per cent in the opening hours of trading on Monday.
During intra-day trading, the rupee was being quoted at 221.53, an appreciation of Re0.11 against the greenback.
The local currency remained largely stable during the previous week, appreciating 0.12% against the US dollar to close at 221.64 as the State Bank of Pakistan (SBP) along with the federal government introduced various administrative measures to control volatility in the exchange rate.
Globally, the US dollar stayed firm on Monday following last week’s plunge as Federal Reserve Governor Christopher Waller vowed not to halt the fight against inflation.
Meanwhile, oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world’s top crude importer.
Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday, Reuters reported.
U.S. West Texas Intermediate crude futures were at $89.76 a barrel, up 80 cents, or 0.9%, after closing Friday’s session 2.9% higher.
Commodities prices rallied on Friday after China’s National Health Commission adjusted its COVID prevention and control measures. But COVID cases climbed in China over the weekend.
