The Pakistani rupee recorded a slight appreciation against the US dollar on Tuesday, gaining Re0.04 to settle at 280.67 in the inter-bank market. On Monday, the currency had closed at 280.71.
In the open market, the rupee rose 4 paise for buying and 5 paise for selling, closing at 281.31 and 281.70 against the greenback. Against other major currencies, the rupee gained 41 paise for buying and 43 paise for selling against the euro, ending at 325.32 and 328.32. The UAE dirham saw a 4 paise rise for buying, closing at 76.61, while selling remained unchanged at 77.44. The Saudi riyal remained steady for buying at 74.92 and increased 2 paise for selling, closing at 75.55.
The local currency’s minor gain came amid a broader US dollar rebound. Fed funds futures now price a 43% probability of a 25-basis-point cut at the US Federal Reserve’s next policy meeting on December 10, down from 62% last week.
The dollar index, which tracks the US currency against major rivals, rose 0.2% to 99.545, snapping a four-day losing streak to reach a one-week high.
