In the realm of currency exchange, the Pakistani rupee exhibited slight upward movement against the US dollar, marking a 0.03% appreciation during the early hours of inter-bank trading on Wednesday.
By 10:40am, the rupee’s value stood at 286.31, reflecting a positive shift of Re0.08 within the inter-bank market.
In contrast, during the preceding day, the rupee experienced a decline of 0.38%, settling at 286.39 in comparison to the US dollar.
In another context of economic affairs, Pakistan and the International Monetary Fund (IMF) are poised to embark on policy-level discussions, commencing from November 13, which falls on a Monday.
Addressing the media, the interim Finance Minister, Dr. Shamshad Akhtar, expressed optimism regarding the initial review discussions with the IMF, emphasizing that progress is being made. She noted that all ministries and divisions have diligently met the established targets, with their performance garnering approval.
On the international stage, the US dollar regained its strength on Wednesday, edging upward following statements from various Federal Reserve speakers, hinting at the possibility of additional rate hikes. All eyes are on a forthcoming speech by Chair Jerome Powell, where the central bank’s future policy direction will be disclosed.
The greenback, which faced a decline last week due to the Fed’s decision to maintain its policy rate and concerns regarding the US labor market, has now stabilized. The financial markets remain divided on whether US rates have reached their peak and when the Fed might initiate monetary easing.
Simultaneously, the US dollar index, which recently recorded its most substantial weekly decline in approximately four months, showed a modest rise of 0.03%, reaching 105.57 and sustaining the prospect of a weekly gain.
Oil prices, a pivotal indicator of currency parity, faced uncertainty on Wednesday. This followed a previous session where they hit a three-month low, influenced by apprehensions about decreasing demand in the world’s leading oil consumers—the United States and China.
Brent crude futures experienced a minor uptick of 4 cents, reaching $81.65 per barrel by 0333 GMT, while US crude futures decreased by 14 cents to $77.24 per barrel. Both reached their lowest levels since July 24 during the events of the preceding Tuesday.
