The Pakistani rupee depreciated 0.25% against the US dollar during the first hours of intraday trading on Thursday.
At roughly 11:30 a.m., the rupee was trading at 284.50, down Re0.70 in the inter-bank market.
The rupee fell against the US dollar for the fourth consecutive session on Wednesday, falling 0.27% to settle at 283.80 in the interbank market.
In a related event, Finance Minister Ishaq Dar informed an Asian Event Bank (ADB) team on Wednesday that the government remained committed to completing the 9-month Stand-By Agreement (SBA) with the International Monetary Fund (IMF).
In a related incident, Finance Minister Ishaq Dar informed an Asian Event Bank (ADB) team on Wednesday that the government remained committed to completing the 9-month Stand-By Agreement (SBA) with the International Monetary Fund (IMF).
Internationally, the Australian dollar rose on Thursday as the country’s employment figures beat expectations, while the yuan rose after China relaxed a cross-border funding requirement in an effort to arrest its currency’s drop.
Data released on Thursday indicated that Australia’s employment easily outperformed expectations for the second month in a row in June, with net employment increasing by 32,600 from May, above market expectations for a 15% gain.
The US dollar index held above 100 and recently stood at 100.18, rebounding some lost ground after a more than 2% drop last week in a knee-jerk reaction to US inflation data that came in lower than expected.
Oil prices dipped in early Asian trade on Thursday, extending the previous session’s losses, as the dollar rose and profit-taking occurred after US crude oil stocks decreased less than predicted.
