The Pakistani rupee appreciated by 0.08% in early trading on Thursday, reaching 278.33 against the US dollar, marking a gain of Re0.21. The previous day, the rupee had settled at 278.54, according to the State Bank of Pakistan (SBP).
In recent months, the rupee has remained in the 277-279 range, driven by positive economic indicators and the approval of a $7-billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF).
Globally, the US dollar remained strong, trading near a four-week high against the euro, bolstered by steady US inflation data. A quarter-point rate cut from the European Central Bank (ECB) is expected later on Thursday, with investors keen on further guidance.
Meanwhile, oil prices rose amid concerns over Hurricane Francine impacting US crude output. Brent crude for November increased by 0.6% to $71.01 a barrel, while US crude for October gained 0.5%, trading at $67.63 a barrel, continuing the upward trend from the previous session due to disrupted offshore production.
