Rupee continue to strengthen against US dollar in inter-bank

The Pakistani rupee continued to strengthen against the US dollar, gaining 0.4% during the opening hours of trading in the inter-bank market on Wednesday.

At 10:10am, the rupee was hovering at 288.64, an increase of Rs1.16, in the inter-bank market.

On Tuesday, the rupee had appreciated 0.37% to settle at 289.80.

The rupee has maintained its upward trajectory in recent days and recovered over 6% since hitting a record low of 307.1 against the US dollar in the inter-bank market on September 5.

Globally, the US dollar traded near a 10-month high against its major peers on Wednesday as Treasury yields stayed elevated on the prospect of higher-for-longer US rates, while the yen stumbled towards a closely-watched intervention zone.

Fed officials have in recent days flagged the possibility that the central bank would need to raise interest rates further after it kept rates steady last week but stiffened its hawkish monetary policy stance.

That has sent US Treasury yields scaling multi-year highs as money markets adjust their expectations of where US rates could peak, and for monetary conditions to remain tighter for longer than initially thought.

The US dollar index last stood at 106.20, having peaked at a 10-month high of 106.26 in the previous session, while the euro languished near Tuesday’s six-month low and last bought $1.0569.

Oil prices, a key indicator of currency parity, rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a “soft landing” for the US economy.

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