Pakistani rupee gains 0.03 per cent against US dollar

KARACHI: The Pakistani rupee (PKR) appreciated by 0.03 per cent against the US dollar (USD) in the inter-bank market on Monday.

The local currency closed at 278.42 per USD, compared to the previous session’s closing rate of 278.50 per USD.

Read more: Intraday trading: PKR gains 22 paisa against USD

Meanwhile, internationally the dollar fell to a three-week low against the yen on Monday.

According to Reuters, the dollar slumped as much 0.7 per cent to 143.45 yen JPY=EBS, its weakest level since August 5, and was last trading down 0.2 per cent.

Against the euro EUR=EBS and sterling GBP=D3, the greenback firmed slightly after having touched new multi-month lows on Friday when Fed Chair Jerome Powell endorsed an imminent start to interest rate cuts.

Traders were also keeping an eye on the fallout from escalating tensions in the Middle East that lifted oil prices by almost 3 per cent. O/R

In a much-anticipated speech at the annual economic conference in Jackson Hole, Wyoming, Powell said “The time has come for policy to adjust,” prompting traders to seal bets of a 25 basis point (bps) rate cut in September and even boost their expectations of a super-sized 50 bps rate cut.

“Powell did not say anything new but officially validated some of the things that markets were pricing in, including t