Rupee records gain against US dollar
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The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Tuesday.
The local unit closed the day at 277.21, a gain of Re0.01 against the greenback.
On Monday, the Pakistani rupee settled at 277.22 against the dollar.
Globally, the Japanese yen was under pressure from a firm US dollar on Tuesday as traders wagered on policymakers in Japan struggling to keep up with a hawkish turn by global central banks, leaving the country’s interest rates at a wide gap with major peers.
Moves were contained thanks to a holiday in Japan and because of the risk of intervention, after the Nikkei newspaper reported Japan checked dollar/yen rates on Friday. Such a move is often a precursor to stepping into the market.
After drifting lower on Monday, the yen traded at 157.33 versus the dollar early on Tuesday, while broader financial markets were buoyed by falling oil prices.
Other currency pairs were mostly steady, with the euro at $1.1467, though cryptocurrencies have rallied in the past day to lift bitcoin to an eight-month high above $87,000.
Markets are pricing about a 30% chance that the BOJ hikes its benchmark short-term rate to 1.5% in October and a roughly 55% chance that the Fed will lift its funds rate window by 25 basis points to 4% to 4.25%.
The Aussie dollar hovered at $0.7120. Sterling traded around $1.3372.
The New Zealand dollar was pinned near multi-month lows at $0.5708 since Kiwi rates, sitting at 2.75%, are much lower than peers.
Oil prices, a key indicator of currency parity, gained for the first time in five sessions on Tuesday as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.
The Brent crude futures November contract rose $1.14, or 1.1%, to $101.48 a barrel at 0317 GMT.
The WTI October contract, which expires on Tuesday, climbed 87 cents, or 0.9%, to $96.65 a barrel.
The more actively traded November contract was up 85 cents, or 0.9%, to $93.22 a barrel.
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