The Pakistani rupee maintained its positive momentum against the US dollar, appreciating another 0.39% during the early hours of trading in the interbank market on Tuesday.
At 10:15 am, the rupee was hovering around Rs 299, up Rs 1.16, in the interbank market.
On Monday, the rupee had strengthened 0.59% to settle at 301.16 in the interbank market.
In a related development, domestic remittance inflows recorded a decline of 22% during the first two months of this fiscal year (FY24), the State Bank of Pakistan (SBP) reported on Monday.
According to the SBP, Pakistan received workers’ remittances worth $4.12 billion in July-August FY24, compared to $5.25 billion in the same period last fiscal year (FY23), a massive decline from 21.6 percent or $1.13 billion.
Internationally, the US dollar regained some of the ground lost during trading on Tuesday.
U.S. inflation data for the month of August is due out on Wednesday, and traders will be watching whether the world’s largest economy is truly on track for a “soft landing” and whether the Federal Reserve has further to go. to go to raise rates.
The US Dollar Index, which ended an eight-week winning streak last week, rose 0.03% to 104.60, after falling 0.46% in the previous session. The British pound stabilized at $1.2508.
Oil prices, a key indicator of monetary parity, remained above $90 a barrel on Tuesday, as investors awaited macroeconomic data that could indicate whether interest rates will rise further in the United States and Europe and repercussions that this would have for oil demand.
This is an intraday update.