The Pakistani rupee rose 0.04% versus the US dollar during early trading hours on Tuesday in the interbank market.
At 10 a.m., the rupee stood at 278.12 against the US dollar, up Re0.12 from the previous day’s finish of 278.24, which had seen a small decrease of Re0.03.
In a momentous development, Saudi Crown Prince Mohammed bin Salman is scheduled to visit Pakistan next week for important talks with Pakistani leaders.
These talks are scheduled to feature the signing of multiple Memoranda of Understanding (MoUs) targeted at increasing Saudi investment in industries such as agriculture, mining, human resources, energy, chemicals, and shipping.
On the global front, the US dollar rose against the yen on Tuesday, as huge interest rate differentials weighed on the Japanese currency.
The US dollar climbed 0.22% to 154.235 yen in early Asian trading, adding to its 0.58% rise the day before. On Friday, the yen fell to its lowest level since April 10, weighed down by softer-than-expected monthly US jobs data and signals of likely Bank of Japan action.
Meanwhile, oil prices rose slightly after Israeli strikes on Rafah in Gaza, amid continued talks with Hamas over a truce. Brent crude prices increased 0.28% to $83.56 per barrel at 0400 GMT, while US West Texas Intermediate (WTI) crude futures rose 0.31% to $78.72 a barrel.
This increase comes after a reversal of last week’s slump, during which both contracts suffered their worst weekly losses in three months, fueled by fears about disappointing US job statistics and speculation about the timing of a Federal Reserve rate decrease.
