Pakistani rupee records 9th consecutive gain against US dollar
The Pakistani rupee maintained its upward trend against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday.
At close, the rupee settled at 281.95, a gain of Re0.01. This is rupee's ninth consecutive gain agaisnt the greenback.
On Tuesday, the local unit closed the session at 281.96.
Internationally, the US dollar gained for a third straight session on Wednesday as traders awaited the Federal Reserve's annual Jackson Hole symposium this week for clues on the path of monetary policy.
The New Zealand dollar tumbled after the Reserve Bank said its board also considered a half-point cut in deciding to reduce the cash rate by a quarter point.
The kiwi slumped as much as 0.9% to $0.5841, its lowest since April 14.
The US dollar index, which measures the currency against six major counterparts, added 0.1% to 98.438, its highest since August 12. In the first two days of this week, it gained about 0.4%.
Friday's speech by Fed Chair Jerome Powell is the market's main focus, as traders watch for any pushback against the market pricing of a rate reduction next month.
Traders now place odds of 84% on such a cut, and expect about 54 basis points of reduction by year-end.
Oil prices, a key indicator of currency parity, were little changed on Wednesday, as investors await the next steps in talks to end Russia's invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers.
Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. US West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents. The more-active October contract was at $61.90 a barrel, up 13 cents.
Prices settled down more than 1% on Tuesday on optimism that a deal to end the war seemed closer, which would mean the easing of sanctions on Russia and an increase in global supply.
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