The Pakistani rupee depreciated by approximately 0.04% against the US dollar during the early hours of trade in the interbank market on Tuesday.
At 10:30 a.m., the rupee was quoted at 287.20, down Re0.11 against the US dollar in the inter-bank market.
This comes a day after the rupee fell significantly against the US dollar, finishing at 287.09 in the inter-bank market after a 0.85% loss of Rs2.44.
In a significant milestone, Federal Minister of Finance and Revenue Ishaq Dar underlined on Monday that a staff-level agreement with the International Monetary Fund (IMF) would be completed soon.
Dar informed the lower chamber of parliament that the government had “made every effort to complete the IMF program, and the staff-level agreement would be signed soon.”
The market is eagerly awaiting the restart of the critical IMF agreement, which has been frozen since last year.
Globally, the US dollar took a breather on Tuesday after its largest month-to-date surge against major peers, as a robust US labor market boosted the argument for a Federal Reserve rate hike next month.
Bitcoin, the leading cryptocurrency, briefly reached $30,000 for the first time since June.
The US dollar index, which compares the greenback to six major currencies, including the yen, fell 0.06% in early Asian trading after rising 0.39% at the start of the week.
Oil prices, a crucial measure of currency parity, rose on Tuesday as market participants evaluated supply cuts from OPEC+, which would compress the global market, against concerns that further interest rate hikes would hamper demand.
Investors were looking forward to a slew of statistics on inflation, oil demand, and supply due this week, which might provide market direction.
