The Pakistani rupee depreciated 0.05% against the US dollar during the first hours of trading on Monday.
At 11:35 a.m., the rupee was trading at 286.60, down Re0.15 in the inter-bank market.
The rupee gained 0.13% in the preceding week, totaling four trading sessions, to conclude at 286.45 against the US dollar.
While the week-on-week change was minor, the rupee fell toward the 289 level before recovering to close with back-to-back gains.
The reversal followed the central bank’s decision to allow Exchange businesses (ECs) to import US dollars in cash against the value of their allowed foreign currency export consignments within five working days, via reputable freight or security businesses.
Internationally, the US dollar was on track for a monthly loss as the Federal Reserve’s aggressive rate-hike cycle – a key driver of the currency’s strength – appeared to have ended with last week’s 25-basis-point increase.
The annual US inflation rate climbed at its slowest pace in more than two years in June, according to data released on Friday, lessening pressure on the Federal Open Market Committee (FOMC) to keep hiking rates.
Oil prices, a crucial measure of currency parity, fell slightly on Monday but remained close to three-month highs, poised to achieve their greatest monthly gains in over a year on anticipation that Saudi Arabia will prolong voluntary output cuts into September, tightening global supply.
