The Pakistani rupee continued its upward momentum against the U.S. dollar in the interbank market on Tuesday.
At 10:15 a.m., the rupee appreciated by 17 paisas, reaching Rs280.90 against the dollar. According to the State Bank of Pakistan, the rupee had closed at Rs281.07 on Monday.
On the global front, the Japanese yen remained stable on Tuesday amid growing certainty that Sanae Takaichi, a hardline conservative, will become Japan’s first female prime minister following a parliamentary vote later in the day.
During early Asian trading, most regional currencies moved within narrow ranges, while the U.S. dollar showed little change, as investors awaited economic data releases delayed by the ongoing U.S. government shutdown ahead of next week’s Federal Reserve meeting.
After a minor dip in the previous session, the yen strengthened by 0.1% to 150.61 per dollar on Tuesday. Investors believe that Takaichi’s potential premiership — supported by the right-wing opposition party Isshin — could lead to increased government spending, creating uncertainty over the Bank of Japan’s (BOJ) future interest rate policy.
Among other currencies, the British pound traded at $1.3408, while the euro rose 0.08% to $1.1651, supported slightly by easing political uncertainty in France. The U.S. dollar index remained largely unchanged at 98.55, and the Australian dollar gained 0.13% to $0.6521.
