Intra-day update: rupee continues to fall against US dollar

KARACHI: The Pakistani rupee continued to weaken against the US dollar during intra-day trading, depreciating 0.58 percent on Wednesday.

At around 11:20am, the rupee was hovering at 293.20, a decrease of Rs1.69, in the inter-bank market.

In the open market, the dollar was being traded for Rs302.

On Tuesday, the rupee had closed at its weakest level since May 11 against the US dollar, settling at 291.51.

KSE-100 witnesses marginal fluctuations

In a key development, caretaker Prime Minister Anwaar-ul-Haq Kakar on Tuesday said the government would ensure continuity in the economic policies, besides further improving them.

Globally, the US dollar was on the frontfoot after US retail sales surpassed expectations in July, underscoring the economic resilience and strengthening the case for the Federal Reserve to keep rates higher for longer.

That sent the benchmark 10-year US Treasury yield jumping to its highest since October at 4.2740 percent on Tuesday.

Oil prices, a key indicator of currency parity, edged down in early trading on Wednesday, extending losses from a 1 percent drop in the previous session, as the lingering impact of weak economic data from China, the world’s biggest oil importer, outweighed declining US stockpiles.