Pakistan rupee registers marginal gain against US dollar
- Settles at 278.11 against greenback
The Pakistani rupee gained marginally against the US dollar, as the Finance Minister launched the InvestPak Portal to broaden investment in government securities. Globally, the dollar steadied and oil prices fell.
- Pakistani rupee's marginal gain against the US dollar.
- Launch of the InvestPak Portal for government securities.
- International dollar's stability and yen's near 40-year low.
- Falling oil prices after OPEC+ output increase.
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 278.11, a gain of Re0.01 against the greenback.
On Friday, the rupee closed at 278.12 against the dollar.
Finance Minister Muhammad Aurangzeb said the government intended to gradually reduce its reliance on commercial banks for financing by broadening access to government securities through digital investment platforms.
Speaking at the launch of the State Bank of Pakistan’s (SBP) InvestPak Portal, Aurangzeb termed the portal the “beginning of a new era of investment”.
The central bank launched the InvestPak Portal as a digital investment platform designed to streamline and digitise the process of investing in government securities for both individual and corporate investors.
Aurangzeb said diversifying the government’s investor base was a key policy objective, alongside accelerating Pakistan’s digital transformation.
Internationally, the US dollar steadied near a two-week low on Monday as investors scaled back bets on a Federal Reserve rate hike this year, while the yen remained pinned near a 40-year low, keeping investors nervous about what Tokyo might do next.
The euro was at $1.1435, not far from its strongest level in two weeks, while sterling last bought $1.3351.
The dollar index, which measures the US currency against six other units, was at 100.9 in early trading.
The yen was at 161.57 per US dollar, just off the 1986 low of 162.84 it touched last week, as traders remain nervous about possible intervention after a sudden surge in buying briefly lifted the currency on Thursday.
The South Korean won firmed a touch on the first day of its historic 24-hour onshore spot dollar-won trading. It was fetching 1,534 per dollar.
Oil prices fell on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.
Brent crude futures fell 41 cents, or 0.57%, to $71.71 a barrel at 0942 GMT after settling 0.45% higher on Friday. US West Texas Intermediate crude was at $68.32 a barrel, down 37 cents, or 0.54%. There was no settlement for WTI on Friday as US markets were closed ahead of the Independence Day holiday on Saturday.
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