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Currency hovers at 280-281 level in inter-bank market The Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.12% during the opening hours in the inter-bank market on Tuesday. At 10:15am, the rupee was hovering at 280.93, an increase of Re0.35, in the inter-bank market. On Monday, the rupee had registered a marginal gain to settle at 281.28 against the US dollar. Globally, the US dollar paused its rally on Tuesday, as traders reaffirmed their bets for a slew of Federal Reserve rate cuts this year on the belief that inflation in the US is slowing sufficiently. In cryptocurrencies, bitcoin hovered near its strongest level since April 2022 on growing anticipation of imminent approvals of spot bitcoin exchange-traded funds (ETF). The moves were partly driven by the New York Fed’s latest Survey of Consumer Expectations which showed that US consumers’ projection of inflation over the short run fell to the lowest level in nearly three years in December. A reading on US inflation is due later in the week, which will likely provide further clarity on how much room the Fed has to ease rates this year. Futures point to nearly 140 basis points worth of easing priced in for the Fed this year. Against a basket of currencies, the US dollar eased slightly by 0.08% to 102.22, having risen 1% last week. Oil prices , a key indicator of currency parity, rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0445 GMT, while U.S. West Texas Intermediate crude futures inched up 0.1%, or 6 cents, to $70.83 a barrel. The benchmarks had fallen over 3% and 4% respectively on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output. This is an intra-day update
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