Rupee improves marginally against US dollar

ISLAMABAD: The Pakistani rupee saw a minor gain against the US dollar during the opening hours of trading, appreciating 0.01 percent on Monday.

At around 10:30am, the rupee was hovering at 295.75, an increase of Re0.03, in the inter-bank market.

During the previous week, the rupee saw a substantial depreciation of 2.5 percent, closing at 295.78 against the US dollar in the inter-bank market.

This was its weakest closing level since May 11, and also precariously near the all-time historic low against the US dollar in the inter-bank market.

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However, its fall meant the gap with open-market rates narrowed, which was earlier under scrutiny as the International Monetary Fund (IMF) has prescribed a 1.25 percent difference in its country report after the Stand-By Arrangement.

In the coming days, the rupee is expected to remain under pressure as foreign exchange inflows seemed to have dried up.

Oil prices, a key indicator of currency parity, rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates.