Intra-day update: rupee remains unchanged against US dollar – Markets

The Pakistani rupee remained unchanged against the US dollar during the opening hour of trading in the inter-bank market on Thursday.

At 10:30am, the rupee was hovering at 279.5 against the greenback.

On Wednesday, the rupee regained strength to settle at 279.5 against the US dollar, according to the SBP.

In a key development, Federal Board of Revenue (FBR) Chairman Amjed Zubair Tiwana stated that the caretaker government approved the reforms but the implementation will be done by the next elected government.

Globally, the US dollar held broadly steady on Thursday as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.

Flash Purchasing Managers’ Index (PMI) figures across the US, the UK and the euro zone are due later in the day and will provide further clarity on their respective manufacturing and service sectors. In early Asian trade, the euro gained 0.11% to $1.0831, while sterling was flat at $1.2638.

The dollar edged higher against the yen and was back above the 150 level to last trade at 150.34 yen.

The dollar index fell 0.06% to 103.92.

Oil prices, a key indicator of currency parity, rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply. US West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month.

The May contract gained 14 cents to $77.45 a barrel by 0150 GMT.

Brent crude for April delivery ticked up 14 cents to $83.17 a barrel, while the May contract added 13 cents, rising to $82.24 a barrel.

This is an intra-day update