The Pakistani rupee fell slightly against the US dollar in early trade on Monday, falling almost 0.05% in the interbank market.
Around 10:30 a.m., the currency was quoted at 283.72, a Re0.13 decline.
The rupee gained 0.08% versus the US dollar in the preceding week. Despite a current account surplus and an impending bailout plan with the International Monetary Fund (IMF), the currency failed to find direction.
The rupee finished at 283.59 in the interbank market on Friday.
According to Bloomberg, Pakistan faces $3.7 billion in debt obligations beginning this month, according to Fitch Ratings.
“About $700 million of maturities are due in May, and another $3 billion in June,” Krisjanis Krustins, a Hong Kong-based director at Fitch, was quoted as saying by Bloomberg.
According to the research, Fitch anticipates $2.4 billion in Chinese deposits and loans to be rolled over.
Globally, the US dollar was regaining its breath on Monday after falling last week as the Federal Reserve hinted at the end of the US rate hike cycle, with traders looking ahead to US inflation and bank lending statistics.
According to the CME FedWatch tool, US interest rate futures are pricing in approximately a one-third possibility of a rate cut as soon as July, even if stronger-than-expected US job data reported on Friday suggests that may be premature.
Last week, the US dollar index fell for the second week in a row, losing around 0.4%.
Oil prices, a crucial measure of currency parity, increased marginally on Monday as traders remained cautious despite fading fears of a US recession, which had driven prices down for three weeks in a row for the first time since November.