The Pakistani rupee exhibited a slight uptick against the US dollar during early trading hours in the inter-bank market on Tuesday, marking a 0.04% appreciation.
At 10 am, the rupee stood at 278.12 against the greenback, showing a gain of Re0.12 compared to the previous day’s close at 278.24, which saw a marginal decline of Re0.03.
In a notable development, it has been learned that Saudi Crown Prince Mohammed bin Salman is slated to visit Pakistan next week for significant discussions with Pakistani leadership.
These discussions are expected to include the signing of several Memoranda of Understanding (MoUs) aimed at enhancing Saudi investment across various sectors such as agriculture, mining, human resources, energy, chemicals, and maritime.
On the global front, the US dollar saw an increase against the yen on Tuesday, as significant interest rate differentials continued to weigh on the Japanese currency.
During early Asian trading, the US dollar rose by 0.22% to 154,235 yen, building upon its 0.58% gain from the previous day. The yen had experienced a decline on Friday, dropping to its lowest point since April 10, influenced by softer-than-expected monthly US jobs data and signs of potential intervention by the Bank of Japan.
Meanwhile, oil prices inched higher following Israeli strikes on Rafah in Gaza, amid ongoing negotiations for a ceasefire with Hamas. Brent crude futures saw a 0.28% increase, reaching $83.56 per barrel at 0400 GMT, while US West Texas Intermediate (WTI) crude futures rose by 0.31% to $78.72 a barrel.
This uptick follows a reversal of last week’s declines, during which both contracts experienced their steepest weekly losses in three months, driven by concerns over weak US jobs data and speculation regarding the timing of a Federal Reserve interest rate cut.
