In interbank trade, the Pakistani rupee modestly appreciates versus the US dollar.

In the interbank market, the Pakistani Rupee increased by 0.03% against the US dollar during Monday’s early trading session.

The rupee strengthened by 8 paise against the dollar, reaching 278.48 as of 10:10 a.m. By ending at 278.56, the rupee had lost 9 paise the day before.

Globally, Monday saw a minor decline in the US dollar, but it was still close to its two-year high. In order to obtain additional understanding of the Federal Reserve’s interest rate strategy, traders are anticipating US economic data, namely the December non-farm payrolls report.

The Chinese yuan also garnered notice when, following a strong defense by the People’s Bank of China in December, it dropped below the psychological level of 7.3 per dollar for the first time in 14 months.

Last spotted, the offshore yuan increased by 0.15% to 7.3487 per US dollar, while the onshore yuan fell by 0.05% to 7.3252 per US dollar.

The speeches that various Federal Reserve policymakers are scheduled to give this week, in which they are anticipated to restate their positions on inflation and the continuous fight against price increases, are also attracting market attention.

Expectations of fewer interest rate reduction from the Fed have helped the US dollar gain strength, and last week it reached a two-year high. Meanwhile, the euro fell to its lowest level in more than two years.