Rupee largely stable against US dollar
The Pakistani rupee held up relatively well against the US dollar as it shed off 0.01% in the first few hours of trading at the inter-bank market on Monday.
Read More: Pakistani rupee up by 5 paisa against US dollar
The currency stood at 277.73 by 10:20am with a loss of Re0.03 over the greenback.
Against the US dollar, the rupee lost Re0.06 or 0.02% during the last week.
The local unit closed at 277.70 against 277.64 that it had closed the previous week against the greenback, said the State Bank of Pakistan on Monday.
US Dollar Fell Globally – Rupee largely stable against US dollar
Globally, US dollar fell in Asia Monday as investors geared up to a potential pivot this week in the global economy as the United States elects a new leader and as it will likely cut interest rates for the second time with dire implications for bond yields.
The dollar declined 0.9% against the yen to 151.60, testing support at 151.45. The dollar index fell 0.3% to 103.63.
Treasury futures rose a high 12 ticks, reversing some of what was lost on Friday.
Democrat Kamala Harris and Republican Donald Trump are nearly tied in the polls and the winners may not be known for days after the vote is complete.
Analysts said the policies of Mr. Trump on immigration, tax cuts, and tariffs would drive inflation, yields, and the dollar upwards, whereas Harris was regarded as a continuity candidate.
The early slide in the dollar has been attributed by dealers to a highly-respected poll showing Harris taking an unexpected 3-point lead in Iowa, largely as a result of her female support base.
Key barometer of currency parity: against
BEIJING: Oil prices rose by over a dollar in early trade Monday after OPEC+ on Sunday said it would delay one month a scheduled hike in December output in the face of soft demand and ramping up supply outside the group.
Brent futures rose to $1.18 a barrel, or 1.61 percent, at $74.28 a barrel by 0121 GMT. Crude U.S. West Texas Intermediate advanced by $1.20 a barrel, or 1.73 percent, to $70.69.
The OPEC+, that is, the Organization of the Petroleum Exporting Countries plus Russia and other allies, will increase output by 180,000 barrels a day in December.
Rupee largely stable against US dollar
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