The Pakistani rupee continued its upward momentum against the U.S. dollar in the interbank market on Thursday.
According to the State Bank of Pakistan (SBP), by 10:00 AM, the rupee appreciated by Rs0.25 (0.09%), bringing the exchange rate to Rs280.8 per dollar.
A day earlier (Wednesday), the local currency had closed at Rs281.05 per dollar.
Banking experts attributed the latest wave of rupee appreciation to stable foreign exchange reserves, reduced import payments, and improved investor confidence in the market.
On the global front, the U.S. dollar index rose slightly by 0.05%, reaching 98.979 points on Thursday, as investors awaited the release of U.S. consumer inflation (CPI) data scheduled for Friday.
Meanwhile, rising trade tensions between Washington and Beijing over tariffs kept currency markets cautious.
In Asia, the Japanese yen fell to a one-week low against the dollar as markets awaited details of Japan’s new Prime Minister Sanae Takaichi’s anticipated economic stimulus package.
Analysts noted that Takaichi’s pro-stimulus stance—favoring fiscal and monetary easing—has put additional pressure on the yen.
The British pound also remained under pressure on Thursday after fresh inflation data showed that UK consumer prices held steady at 3.8% in September, contrary to economists’ expectations of an increase.
Following the data release, traders raised the odds of an interest rate cut by the Bank of England in December from 46% to 75%, though by Thursday the probability eased to 61%.
