The Pakistani rupee registered a minor improvement against the US dollar, appreciating 0.05% in the opening hours of trading in the inter-bank market on Monday.
At 10am, the rupee was hovering at 277.82, a gain of Re0.13 against the greenback.
During the previous week, the rupee increased marginally as it gained Re0.19 or 0.07% against the US dollar in the inter-bank market.
The local unit closed the week at 277.95, compared to 278.14 it had closed the week earlier against the greenback.
In a key development, the federal government ordered a significant rise in petrol price by up to Rs9.66 per liter, effective from April 1, 2024, further adding financial burden on general public.
The recent surge in petrol prices is attributed to an increase in premium from $12.15 per barrel to $13,507 per barrel, marking a $1.45 per barrel increment.
The government passed on its full impact to general masses ahead of Eid-ul-Fitr, with the rate of petrol surpassing the high-speed diesel (HSD) price. The petrol price has been raised from Rs279.75 to Rs289.41 per litre.
Internationally, the US dollar was broadly steady on Monday as data showing easing US prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention.
The personal consumption expenditures (PCE) price index rose 0.3% in February, the Commerce Department’s Bureau of Economic Analysis said on Friday, compared with the 0.4% rise that economists polled by Reuters had forecast.
The report also showed consumer spending rising by the most in just over a year last month, underscoring the economy’s resilience.
The dollar index, which measures the US currency against six rivals, eased 0.038% to 104.42 but remained close to the six-week high of 104.73 it touched last week.
Oil prices, a key indicator of currency parity, Oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and as upbeat Chinese manufacturing data supported outlooks for improving demand.
Brent crude rose 29 cents, or 0.3%, to $87.29 a barrel by 0331 GMT after rising 2.4% last week.
US West Texas Intermediate crude was at $83.48 a barrel, up 31 cents, or 0.4%, following a 3.2% gain last week.
This is an intra-day update
Tags: Intraday update rupee moves marginally higher dollar Markets
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