The Pakistani rupee posted losses against the US dollar, depreciating 0.42% during the opening hours of trading in the inter-bank market on Tuesday.
At 10:40am, the rupee was hovering at 286.50, a decrease of Rs1.21 in the inter-bank market.
On Monday, the rupee had depreciated 0.34% to settle at 285.29 against the US dollar.
Also read: Forward export hangover
The currency is under pressure again due to pressures of payments which are making the currency depreciate slowly, experts said.
Globally, the US dollar was steady on Tuesday, holding overnight gains as investors took a breather from a risk rally, while the Australian currency drifted lower ahead of a central bank interest rates decision later in the day.
All eyes in Asian hours will be on the Reserve Bank of Australia, which is widely expected to increase rates by 25 basis points, snapping four months of on-hold policy decisions.
Markets on the other hand less certain, pricing in a 63% chance of a hike.
Fed Chairman Jerome Powell is due to speak on Wednesday and Thursday, where the focal point will be on whether he maintains the more dovish tone struck after the Fed’s policy meeting last week.
Against a basket of currencies, the dollar index rose 0.057% to 105.32, having climbed 0.2% on Monday, but remained not far off a nearly two-month low of 104.84 touched on Monday.
Oil prices, a key indicator of currency parity, eased on Tuesday, giving up most of Monday’s gains as mixed economic data from the world’s second-largest oil consumer China and winter demand worries offset the impact of Saudi Arabia and Russia extending output cuts.
Brent crude futures slipped 47 cents, or 0.55%, to $84.71 a barrel by 0431 GMT while US West Texas Intermediate crude was at $80.45 a barrel, down 37 cents, or 0.46%.
This is an intra-day update