US dollar drops below 290

KARACHI: The Pakistani rupee continued to strengthen against the US dollar, gaining 0.37 percent during the opening hours of trading in the inter-bank market on Tuesday.

At midday, the rupee was hovering at 289.78, an increase of Rs1.08, in the inter-bank market.

On Monday, the rupee had appreciated 0.31 percent to settle at 290.86.

The rupee has maintained its upward trajectory in recent days and recovered nearly 6 percent since hitting a record low of 307.1 against the US dollar in the inter-bank market on September 5.

Ginger price reaches Rs1,000 per kg in Karachi markets

Internationally, the US dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by US bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone.

Oil prices, a key indicator of currency parity, fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight.