Interbank update: Rupee rises further against US dollar – Markets Reading Sexy News


Pakistani rupee gained 0.13% against the US dollar during trading hours in the interbank market on Tuesday.

At 11:20 am, the rupee was trading at 285.60 in the interbank market, up Re 0.37.

On Monday, the rupee rose to 285.97 against the US dollar.

In a related development, Pakistan’s Foreign Direct Investment (FDI) increased by 7% in the first four months of this financial year (FY24), the State Bank of Pakistan reported on Monday.

Overall, foreign direct investment by Pakistan reached $525 million in the July-October period of FY24 compared to $490 million in the same period last fiscal (FY23), showing an increase of $35 million.

Internationally, the US dollar fell to historic lows against the euro, yen and other major currencies on Tuesday; China driving the yuan higher and its strength leading to broader softness for the dollar ahead of the Fed’s minutes.

The dollar index, which has fallen in seven of the last eight sessions, fell below its 200-day moving average on Monday and fell 0.2% to 103.2 on Tuesday, falling to its lowest level in 2.5 months.

Markets have priced in almost all of the risk of an interest rate hike in the US in December or next year, implying that a quarter of the rate hike could occur from March onwards.

Fed minutes will be published at 19:00 CET and will be in the headlines of the next day, along with the speech of European Central Bank President Christine Lagarde.

Oil prices, a key indicator of currency parity, fell on Tuesday, reversing the previous day’s rise, as concerns about weakening demand amid a slowing global economy outweighed the possibility of deepening supply cuts by OPEC and its allies such as Russia.

Brent crude futures were down 36 cents, or 0.4%, at $81.96 a barrel by 0439 GMT, while U.S. West Texas Intermediate crude was down 33 cents, or 0.4%, at $77.50 a barrel.

This is an intraday update

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