In the early hours of trade on Monday, the Pakistani rupee depreciated 0.14% against the US dollar in the interbank market.
At 10:45 a.m., the currency was trading at 284.8, a Re0.4 decrease.
The rupee had fallen by 0.09% against the US dollar over the previous week, owing to a two-day recovery.
The rupee finished at 284.4 in the inter-bank market after news of a $2 billion influx from Saudi Arabia and another $1 billion from the UAE boosted market confidence. These promises are considered critical for the resurrection of the International Monetary Fund (IMF) bailout programme.
Internationally, the US dollar rebounded from a one-year low on Monday, as resilience in core US retail sales, a rise in short-term inflation expectations, and strong Wall Street bank earnings bolstered market hopes for a May interest rate hike.
While retail sales in the United States declined more than predicted in March, so-called core retail sales, which exclude autos, petrol, building materials, and food services, decreased by only 0.3%, according to figures released on Friday.
The US dollar index increased 0.15% to 101.82 against a basket of currencies, remaining well above Friday’s one-year low of 100.78.
Oil prices, a major measure of currency parity, rose marginally on Monday, boosted by OPEC+’s (Organisation of the Petroleum Exporting Countries) plans to reduce additional output, while investors waited for evidence of a revival in demand from the world’s second-largest oil user, China.
