Rupee Gains Slightly Against US Dollar in Intra-Day Trading

The Pakistani rupee saw a slight increase against the US dollar during trading on Tuesday.

As of 9:55 am, the local currency was valued at 280.63 against the US dollar, which represents an increase of Re0.24 compared to the previous day’s closing value.

The rupee ended the previous day, Monday, at 280.87 against the dollar.

The dollar has remained near its lowest point in three years, as President Donald Trump’s continued criticism of the Federal Reserve chairman has further reduced investor confidence in the American economy.

The U.S. dollar weakened to near its lowest level in a decade against the Swiss franc and remained close to a 3.5-year low against the euro.

Trump increased his criticism of Federal Reserve Chairman Jerome Powell on Monday, referring to him as a “major loser” in a post and urging him to lower interest rates immediately to avoid a potential economic slowdown.

On Friday, White House economic advisor Kevin Hassett stated that the president and his team were still considering the possibility of dismissing Powell, following Trump’s remark that Powell’s dismissal “cannot come fast enough”.

Oil prices, which serve as an indicator of currency parity, increased in early trading on Tuesday as investors capitalized on the previous day’s losses to cover short positions. However, concerns regarding economic challenges stemming from tariffs and U.S. monetary policy, which could negatively impact fuel demand, persisted.

Brent crude futures increased by 51 cents, or 0.8%, reaching $66.77 a barrel at 0045 GMT, while U.S. West Texas Intermediate crude reached $63.59 a barrel, which is up 51 cents, or 0.8%.

Both benchmarks experienced declines of over 2% on Monday due to indications of advancement in nuclear deal discussions involving the U.S. and Iran, which helped alleviate supply concerns.

This information reflects an intra-day update.