The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Tuesday.
The local unit closed the day at 276.71, a gain of Re0.01 against the greenback.
On Monday, the rupee had closed at 276.72 against the dollar.
Globally, the US dollar wavered alongside oil prices on Tuesday on hopes for a diplomatic breakthrough between the US and Iran, while the Aussie was steady ahead of the Reserve Bank of Australia’s rate decision.
Falling energy prices helped ease inflation concerns and dragged longer-dated US Treasury yields lower.
The yield on the benchmark US 10-year Treasury note was steady at 4.9145%, while that on the 30-year bond was also flat at 5.2868%. Both had dipped to their lowest levels in nearly two months in the previous session.
The dollar index, which measures the currency against a basket of currencies including the yen and the euro, last traded a shade weaker at 101.76 after dropping to a one-month low on Monday.
Meanwhile, an AI-driven stock market slump showed little sign of slowing down, hurting risk sentiment and lending some support to the dollar.
Tensions around US midterm elections also loom large, helping to prop up the dollar as a safe-haven play.
The euro was a touch higher at $1.1185 on the back of dollar weakness.
The Japanese yen was flat at 157.915 per dollar during a local holiday.
Oil prices, a key indicator of currency parity, edged up on Tuesday after a report that the United States had struck Iran’s Qeshm Island, raising concerns about an escalation of the eight-month conflict and prolonged disruptions to Middle East oil supplies.
US West Texas Intermediate crude was up 20 cents, or 0.21%, at $96.66 a barrel while Brent crude futures rose 3 cents, or 0.03%, to $104.8 a barrel by 0355 GMT.
Both benchmark prices dropped more than 7% on Monday as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with Iran.
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