Pakistani Rupee Gains Ground Against US Dollar in Early Trade
The Pakistani rupee continued its upward momentum against the US dollar on Monday morning. It appreciated by 0.07% during the early hours of interbank trading.
At 10 a.m., the rupee traded at 280.62, gaining Re0.2 against the greenback. This follows last week’s marginal rise, when the local currency strengthened by Re0.09, closing at 280.82, according to the State Bank of Pakistan.
The rupee’s steady performance reflects improved investor sentiment and easing pressure from external markets.
Global Factors Support the Trend
Globally, the US dollar weakened as hopes of a government reopening boosted confidence among investors. The dollar index, which measures its value against six major currencies, slipped 0.1% to 99.643.
In addition, optimism grew after the US Senate advanced a funding bill expected to extend operations through January. On prediction market Polymarket, traders estimated a 92% chance of the shutdown ending before November 15.
Against the Japanese yen, however, the dollar gained 0.2% to 153.80 after Prime Minister Sanae Takaichi announced new fiscal flexibility plans. Meanwhile, the euro dipped 0.1% to $1.1559, and the British pound fell slightly to $1.3148.
Oil prices also moved higher on Monday, offering indirect support to the rupee. Brent crude rose 0.71% to $64.08 per barrel, while US West Texas Intermediate increased 0.80% to $60.23.
Analysts believe the rupee could maintain stability if global energy prices remain moderate and foreign inflows continue. Therefore, traders remain cautiously optimistic about the local currency’s short term outlook.
