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Markets

Intra-day update: rupee remains stable against US dollar

  • Currency hovers at 278-279 level in inter-bank market
Published 23 Dec, 2024 10:39am

The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% during the opening hours of trading in the inter-bank market on Monday.

At 10am, the currency was hovering at 278.43, a loss of Re0.01 against the greenback.

During the previous week, rupee decreased marginally against the US dollar as it lost Re0.30 or 0.11% in the inter-bank market.

The local unit closed at 278.42, against 278.12 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

Internationally, the US dollar was steady on Monday after US inflation data showed only a modest rise last month, easing some concerns about the pace of US rate cuts next year, while the yen loitered near 156 per dollar, raising the possibility of intervention.

Investor sentiment was also lifted when a US government shutdown was averted by Congress’ passage of spending legislation early on Saturday.

In a holiday-curtailed week, trading volumes are likely to thin out as the year-end approaches.

The Federal Reserve last week shocked the markets by projecting a measured pace of rate cuts ahead, sending Treasury yields and the dollar surging while casting a shadow on other economies, especially in emerging markets.

Friday’s data on the Fed’s preferred gauge of inflation showed moderate monthly rises in prices, with a measure of underlying inflation posting its smallest gain in six months.

The dollar index, which measures the US currency against six of its largest peers, remained steady at 107.78 on Monday, near a two-year high of 108.54 touched on Friday.

Oil prices, a key indicator of currency parity, inched higher on Monday, along with other risk assets, after US data showed cooling inflation, reviving hopes of further policy easing next year that will support global economic growth and oil demand.

Brent crude futures rose 26 cents, or 0.4%, to $73.20 a barrel by 0141 GMT. US West Texas Intermediate crude futures climbed 31 cents, or 0.5%, to $69.77 per barrel.

This is an intra-day update

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