The Pakistani rupee continued its marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Monday.
The local unit closed the day at 276.72, a gain of Re0.03 against the greenback.
During the previous week, the Pakistani rupee extended its marginal gain against the US dollar for another week, appreciating 0.03% in the inter-bank market.
The local unit closed at 276.75 against the greenback, a gain of Re0.07 from 276.82 it had closed at a week earlier, according to State Bank of Pakistan (SBP) data.
Globally, the US dollar and other major currencies were in a holding pattern on Monday as investors turned their attention to this week’s US midterm elections, which could shift the balance of power in Congress and control over the federal purse strings.
In cryptocurrencies, bitcoin and ether were nursing losses following last week’s record $6.3 billion heist at Binance, the world’s largest crypto exchange.
Traders were bracing for a packed week dominated by the US midterm elections, October US jobs data and central bank rate decisions in the UK, Australia, Norway and Sweden.
Ahead of the week’s events, the euro languished near a 17-month low at $1.1159 in early Asian trade, weighed down by Fitch’s revision of France’s outlook to “negative” from “stable” after Friday’s close.
Sterling was little changed at $1.3387, while the dollar steadied at 101.94 against a basket of currencies.
Americans head to the polls on Tuesday to determine whether Democrats can wrest control of Congress away from US President Donald Trump’s Republican Party.
Democrats are widely predicted to win the House of Representatives, but the Senate is more in doubt.
Oil prices, a key indicator of currency parity, slipped more than 3% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.
Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel by 0407 GMT while US West Texas Intermediate crude was at $100.69 a barrel, down $3.43, or 3.3%.
Brent ended October at its highest in six months amid concerns that the US-Iran conflict could escalate again after Tuesday’s US midterm elections.
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