Pakistani Rupee saw a slight increase of 0.03% against the US dollar during the early trading session on Monday in the interbank market.
As of 10:10am, the rupee improved by 8 paise, reaching 278.48 against the dollar. On the previous day, the rupee had weakened by 9 paise, closing at 278.56.
Globally, the US dollar weakened slightly on Monday, although it remained near its two-year high. Traders are awaiting US economic data, particularly the non-farm payrolls report for December, to gain further insights into the Federal Reserve's interest rate policy.
In addition, the Chinese yuan attracted attention as it fell below the 7.3 per dollar psychological level for the first time in 14 months, after aggressive defense by the People's Bank of China in December.
The onshore yuan was last seen down by 0.05% at 7.3252 per US dollar, while the offshore yuan rose by 0.15% to 7.3487 per US dollar.
Market focus is also on the upcoming speeches from several Federal Reserve policymakers this week, who are expected to reiterate their stance on inflation and the ongoing battle against rising prices.
The US dollar continues to gain strength due to expectations of fewer interest rate cuts from the Federal Reserve, reaching a two-year high last week, while the euro hit its weakest level in over two years.
