Pakistani Rupee Strengthens Against US Dollar

The Pakistani rupee continued its positive momentum against the US dollar, experiencing a rise of 0.1% in the initial trading hours in the interbank market today, Thursday.

At precisely 10:40 am, the rupee was trading at 281.65, reflecting an appreciation of Re0.30 versus the dollar.

The previous day, on Wednesday, the local currency concluded trading at 281.95.

The rupee’s recent upward movement versus the dollar can be attributed to enhanced confidence in the currency market, spurred by ongoing actions against unlawful currency traders and smugglers by law enforcement agencies.

Global Market Overview

On the international front, the US dollar showed some weakness on Thursday as investors grew concerned about the Federal Reserve’s autonomy. This follows another criticism from President Donald Trump ahead of Chair Jerome Powell’s remarks later in the week, which could impact interest rate projections.

Trump has urged Fed Governor Lisa Cook to step down due to accusations made by one of his political allies regarding mortgages she possesses in Michigan and Georgia, escalating his efforts to exert influence over the US central bank.

The Japanese yen maintained its prior gains, remaining relatively stable at 147.41 per dollar, while the euro held steady at $1.1642. The British pound traded at $1.34535.

Consequently, the dollar index, which compares the US currency to six major currencies, remained stable at 98.301.

Trump has consistently reproached Powell for a perceived slowness in cutting rates, fueling investor apprehension regarding the central bank’s independence and reliability.

Oil Prices Rise

Oil prices, a crucial indicator for currency parity, saw a slight increase on Thursday as substantial declines in crude oil and fuel reserves in the US, the world’s largest oil consumer, bolstered expectations for stable demand.

Brent crude futures increased by 13 cents, or 0.19%, reaching $66.97 per barrel at 0055 GMT, following a 1.6% gain in the prior session. US West Texas Intermediate (WTI) crude futures rose by 15 cents, or 0.24%, to $62.86, after a 1.4% climb on Wednesday.

This information reflects an update from intraday trading.