The US dollar continued its downward trend in the currency markets. According to the State Bank of Pakistan, the dollar closed at Rs 278.60 in the interbank market, marking a decline of one paisa. On the other hand, the dollar also recorded a decline in the open market.
According to the Exchange Companies Association of Pakistan, the selling price of the dollar fell by 11 paisa to Rs 279.74.
It is worth mentioning here that the US dollar, however, strengthened against most major currencies on Monday, supported by rising geopolitical tensions in the Middle East, which pushed oil prices higher and dampened global risk appetite.
Meanwhile, a selloff in global bonds and ongoing weakness in the Japanese yen kept traders alert to the possibility of intervention by Japanese authorities.
In currency markets, the euro was trading at $1.1609, while the British pound stood at $1.3305, both down more than 0.1%. The risk-sensitive Australian dollar fell 0.4% to $0.7121, whereas the New Zealand dollar remained largely unchanged at $0.5827.
The US dollar index, which tracks the greenback against a basket of major currencies, edged higher to 99.393. In energy markets, oil prices extended their gains. Brent crude futures rose $2.01, or 1.84%, to $111.27 a barrel by 0432 GMT, after briefly touching $112, their highest level since May 5.
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