As of October 29, 2024, the Pakistani rupee has appreciated by 0.02%, trading at PKR 277.63 against the U.S. dollar at 9:50 AM. This follows a previous close of PKR 277.68, indicating a trend of relative stability in the currency market [50851c8f].
Earlier in the month, the rupee had shown fluctuations, trading at PKR 277.60 on October 28, 2024, reflecting a slight appreciation of 0.01% from the previous day. The dollar's strength has been influenced by rising U.S. Treasury yields and expectations surrounding Federal Reserve interest rate adjustments [71b568e1].
The U.S. dollar index is currently at 104.28, having risen by 3.6% during October, amid ongoing global economic pressures. Brent crude oil prices have also seen a decline, now at $71.86 per barrel, while West Texas Intermediate (WTI) crude has fallen to $68.51, following a reduction in geopolitical tensions [50851c8f].
The Forex Association of Pakistan previously reported that the rupee had closed at PKR 277.68 on October 21, 2024, with open market rates showing PKR 277.85 for buying and PKR 279.35 for selling, indicating a volatile trading environment [878d362a].
Looking ahead, upcoming U.S. economic data releases could significantly impact Federal Reserve policy, which in turn may affect the dollar's strength and the rupee's performance. Additionally, Donald Trump's lead in election polls may introduce further uncertainty in the financial markets [50851c8f].
The Pakistani government continues to focus on maintaining currency stability as part of its broader economic recovery efforts, supported by international financial institutions like the IMF. The trajectory of the rupee will be closely monitored as domestic policy decisions unfold [53739b51].