The Pakistani rupee saw some appreciation against the US dollar, improving 0.13% in Thursday's trading hours.
By 11 a.m., the rupee was quoted at 223.67, an appreciation
of Re0.28 in intraday trading.
On Wednesday, the rupiah remained unchanged against the US
dollar to close at 223.95.
In a key development, Federal Finance and Revenue Minister
Ishaq Dar said Wednesday that steps are being taken to stop the smuggling of US
dollars to a "neighboring" country, which will help the economy.
Dar added that the government was making efforts to stabilize the economy.
Globally, the dollar fell to a three-month low against the
yen on Thursday, as traders focused on comments from Federal Reserve Chairman
Jerome Powell that interest rate hikes could be reduced "from
December".
Powell said Wednesday that "slowing down at this point
is a good way to balance the risks," but added that controlling inflation
"will require keeping policy tight for some time."
Markets are currently pricing in a 91% chance of the Fed
raising rates by 50 basis points on Dec. 14 and seeing a 9% chance of another
75 basis point hike that day. The peak is seen below 5% around May.
The dollar index, which measures the currency against six
major peers including the yen and euro, extended more than 1% decline from
Wednesday to Thursday, plunging another 0.09% to 105, 69.
Oil prices, a key gauge of the currency pair, surged ahead
in early Asian trade on Thursday, buoyed by signs of tighter supply and
optimism about a pickup in Chinese demand.
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