The Pakistani rupee stretched its winning run against the US dollar on Tuesday, posting another small gain to mark its 211th advance against the greenback.
According to the State Bank of Pakistan, the local currency closed at Rs277.76 against the US dollar, improving by Re0.01 from Monday’s closing rate of Rs277.77. While the move was modest, it extended the rupee’s steady run in the interbank market.
The latest gain came as the US dollar remained under pressure in international markets, where investors continued to react to weaker oil prices and signs of official support for Japan’s currency.
The euro traded almost unchanged at $1.1511, after touching its highest level in about six weeks during the previous session. The British pound eased slightly to $1.3427, while the dollar index recovered some ground to 99.98 after falling to a one and a half month low.
Investors are now looking ahead to Friday’s US jobs report, which could shape expectations for the US Federal Reserve’s next policy move. Markets are currently pricing in around 35 basis points of interest rate increases by December.
Elsewhere, the Australian dollar edged up to $0.7003, while the New Zealand dollar slipped to $0.5867.
Meanwhile, oil prices recovered after suffering sharp losses a day earlier. Brent crude rose 1.3 percent to $84.89 a barrel, while US West Texas Intermediate crude climbed 1 percent to $81.11.
The rebound came as traders weighed ongoing risks to Middle East oil supplies.
Despite recent diplomatic efforts, uncertainty surrounding the conflict involving the US and Iran continues to keep energy markets on edge, raising concerns that disruptions to global shipments could persist.