The Pakistani rupee didn’t see much movement against the US dollar, only gaining a small 0.01% in the inter-bank market on Monday. It closed at 278.13, which was a gain of Re0.03 against the US dollar. Last week, the rupee saw a slight improvement, gaining Re0.41 or 0.15% against the US dollar, closing at 278.16 compared to 278.57 the week before.
Additionally, the International Monetary Fund (IMF) Executive Board is set to discuss Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion on September 25. This news was confirmed by Julie Kozack, Director of the Communications Department at IMF, during a press briefing last week.
In international news, the yen remained at its highest levels for the year on Monday due to reduced trading on a holiday in Japan. Market participants were uncertain about the expected size of the Federal Reserve’s upcoming rate cut.
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The US dollar stayed flat at 140.86 yen, similar to its closing position last week and close to the 140.285 end-December low it reached on Friday. The upcoming week will be busy with the Federal Reserve meeting, along with policy decisions from the Bank of England and Bank of Japan.
Oil prices rose in Asian trade on Monday, influenced by expectations of a US interest rate cut. However, concerns about demand and weaker China data kept the gains in check.
In the open market, the Pakistani rupee experienced minor changes against various currencies. Against the US dollar, it lost 6 paise for buying and remained unchanged for selling, closing at 279.60 and 280.75, respectively. Against the Euro, the rupee lost 81 paise for buying and 76 paise for selling, closing at 308.80 and 311.76, respectively. Against the UAE Dirham, the rupee gained 2 paise for buying and remained unchanged for selling, closing at 75.60 and 76.35, respectively. Lastly, against the Saudi Riyal, the rupee remained unchanged for buying and gained 1 paisa for selling, closing at 73.91 and 74.61, respectively.
