The Pakistani rupee saw a slight increase, up by 0.04% against the US dollar in the inter-bank market on Tuesday, settling at 278.12, as reported by the State Bank of Pakistan (SBP).
This marks a gain of Re0.12 from the previous close of 278.24 on Monday, which was a decrease of Re0.03.
In significant news, Saudi Crown Prince Mohammed bin Salman is set to visit next week for pivotal discussions with Pakistani leaders. The talks are expected to include the signing of several memorandums of understanding (MoUs) to boost Saudi investment across various sectors such as agriculture, mining, human resources, energy, chemicals, and maritime.
Internationally, the US dollar strengthened against the yen on Tuesday, reflecting substantial interest rate differentials impacting the Japanese currency.
The US dollar rose by 0.22% to 154.235 yen during early Asian trading, building upon a 0.58% increase from the previous day.
On Friday, it dipped to 151.86 yen, marking its lowest point since April 10, partly due to softer-than-anticipated monthly US jobs data and potential official intervention by the Bank of Japan.
Oil prices experienced a slight uptick on Tuesday following Israeli strikes in Rafah, Gaza, amid ongoing ceasefire negotiations, which maintained market support amidst heightened Middle East tensions and supply risks.
Hamas accepted a ceasefire proposal from mediators on Monday, but Israel deemed the terms insufficient, continuing strikes in Rafah while pursuing further negotiations.
Brent crude futures climbed by 21 cents to $83.54 a barrel, while US West Texas Intermediate (WTI) crude futures edged up by 1 cent to $78.49 by 0810 GMT.