The US dollar held near a two-week high on Monday after Federal Reserve Chair Kevin Warsh’s hawkish remarks strengthened expectations of a September interest-rate hike. The yen weakened beyond the closely watched 160-per-dollar level, while the euro rose 0.1% to $1.1591 and sterling remained steady at $1.3539. The dollar index eased to around 99.6 but stayed near its strongest level since August 17. Despite the recent rebound, it remained on course for a second consecutive monthly decline.

Dollar Holds Firm as Global Markets Await Crucial US Inflation Data

The US dollar was traded largely unchanged in early Asian dealings as renewed attacks on Middle East shipping were shrugged off and inflation data was awaited. The yen was held at 159.335 per dollar, near its weakest level of the month, despite joint US-Japan intervention. The euro was maintained at $1.1537, while the British pound and Australian dollar were unchanged at $1.3503 and $0.7064. The New Zealand dollar was weakened by 0.1% to $0.5876. Meanwhile, the US Dollar Index was lifted by 0.1% to 99.858.

Pakistani Rupee Strengthens to Rs277.67 Against US Dollar

The Pakistani rupee was strengthened marginally against the US dollar on Tuesday, closing at Rs277.67 after gaining three paisas. The local currency had settled at Rs277.70 on Monday. Globally, the dollar remained steady against major currencies. The euro was traded at $1.1544, while sterling was valued at $1.3509. The Japanese yen was stabilised after a sharp decline, while the Australian dollar was lifted to an eight-week high ahead of the central bank’s policy decision.