The Pakistani rupee continued its marginal gains against the US dollar, appreciating 0.01% in the interbank market on Tuesday.
The local unit closed the day at 276.87, a gain of Re0.03 against the greenback.
On Monday, the Pakistani rupee settled at 276.90 against the dollar.
Internationally, the US dollar churned at the start of trading in Asia on Tuesday as a tepid recovery in investor confidence bolstered higher-yielding currencies, but growing political risk in Europe continued to test traders’ nerves.
The euro was steady at $1.1216, while the British pound rose 0.1% to $1.3308.
The Australian dollar was up 0.1% at $0.6986, while its New Zealand counterpart nudged 0.1% higher to $0.5668.
Against the yen, the US dollar was flat at 158.56 yen ahead of an auction of 20-year Japanese government bonds.
French authorities set curfews in several cities on Monday after nationwide anti-government protests plunged President Emmanuel Macron’s final months in office into turmoil.
In Italy, the government said it will dispatch 500 troops after two days of unrest.
The spread between French and German 10-year government bonds widened 9.9 basis points on Monday to 147.3 basis points. The yield on the US 10-year Treasury bond was flat at 5.131%.
The US dollar index, which measures the greenback’s strength against six currencies, ended two days of loss on Monday, rising 0.2% to 101.98.
Oil prices, a key indicator of currency parity, advanced on Tuesday, with Brent hovering around a five-month high as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.
Brent crude futures climbed 55 cents, or 0.50%, to $110.10 a barrel by 0319 GMT, after rising as high as $110.70 a barrel in the previous session to their highest since May 20.
The US West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 0.24% to $103.91.
Comments