The Pakistani rupee continued its positive momentum in the inter-bank market on Tuesday, appreciating for the eighth straight session against the US dollar.

By the day’s close, the rupee settled at 281.96 per dollar, recording a modest gain of Re0.06 or 0.02% compared to Monday’s closing rate of 282.02.

On the global front, the US dollar remained firm against major currencies as investors closely monitored geopolitical developments. The dollar index rose 0.31% to 98.122, with market sentiment influenced by the White House summit involving European leaders, focusing on the ongoing war in Ukraine.

Meanwhile, the euro traded steadily at $1.1667, holding near the midpoint of its recent range. Market participants are now awaiting signals from the Federal Reserve’s annual Jackson Hole symposium, where Fed Chair Jerome Powell is expected to outline the central bank’s economic outlook and future policy stance.

In commodity markets, oil prices edged lower in early Asian trading. Brent crude futures slipped 0.11% to $66.53 a barrel, while US West Texas Intermediate (WTI) crude for September delivery dropped 0.09% to $63.36 per barrel. The more active October WTI contract also fell 0.14% to $62.61 a barrel, as traders weighed the potential impact of proposed peace talks between Russia, Ukraine, and the United States, which could ease sanctions on Russian oil.