The Pakistani rupee recorded a modest improvement against the US dollar in the inter-bank market on Monday.
By the end of trading, the local currency settled at 279.61 per dollar.
In the previous session on Friday, the rupee had closed at 279.62 against the greenback, as per data released by the State Bank of Pakistan (SBP).
In global currency markets, the Japanese yen opened the week weaker after posting strong gains last week amid reduced fiscal concerns. Meanwhile, the US dollar remained steady following softer inflation figures that strengthened expectations of potential interest rate cuts by the Federal Reserve later this year.
Market activity is expected to remain subdued, with financial markets in the United States, China, Taiwan, and South Korea closed for holidays.
The yen slipped 0.2% to 153.07 per dollar in early Monday trading, after surging nearly 3% last week its largest weekly rise in about 15 months following Prime Minister Sanae Takaichiâs decisive election victory.
The US dollar, on the other hand, was on track for a weekly decline, weighed down by gains in rival currencies and concerns regarding the strength of the US economy.
Against a basket of major currencies, the dollar was largely unchanged at 96.93 but appeared set to register a weekly loss of nearly 0.8%.
Data released overnight showed that new unemployment claims in the United States fell by less than anticipated last week.
In the commodities market, oil prices were largely stable on Monday as investors assessed the potential impact of upcoming US-Iran discussions aimed at easing tensions, alongside expectations of increased supply from OPEC+.
Brent crude futures inched up by 3 cents to $67.78 per barrel as of 0358 GMT, while US West Texas Intermediate crude gained 2 cents to reach $62.91 per barrel.
