Pakistani Rupee Gains Slightly Against US Dollar

The Pakistani rupee experienced a slight increase against the US dollar, appreciating by 0.02% during Monday’s intra-day trading session in the inter-bank market.

At approximately 9:58 am, the local currency was trading around 280.92, reflecting a gain of Re0.05 compared to the previous day’s closing rate.

On the preceding Friday, the rupee concluded trading at 280.97 against the dollar.

Over the past week, the Pakistani rupee had weakened against the US dollar in the inter-bank market, declining by Re0.25, which is equivalent to 0.09%.

Globally, the dollar began the week steadily as investors awaited economic data that could provide insights into the impact of U.S. trade policies.

The dollar was trading at 143.57 yen and $1.1360 per euro, maintaining a stable position while remaining on track for its most significant monthly decline in nearly two and a half years due to concerns about U.S. assets.

The dollar has decreased by over 4% against both the euro and the yen in April, although it rebounded at the end of last week following a perceived improvement in U.S.-China relations.

Recently, both the U.S. and China appeared to step back from escalating trade tensions, with the U.S. potentially reducing tariffs and China considering exemptions for specific imports from its 125% levies.

Despite claims of progress and communication between leaders, Beijing has denied that trade talks are taking place, and officials have not confirmed ongoing tariff discussions.

Oil prices saw a marginal increase in early trading but remained influenced by uncertainties surrounding U.S.-China trade negotiations, impacting global growth and fuel demand, alongside potential OPEC+ supply adjustments.

Brent crude futures and U.S. West Texas Intermediate crude experienced slight gains, rising by 9 cents to $66.96 and $63.11 a barrel, respectively.

Analysts suggest that the slight increase in oil prices is due to traders anticipating potential adjustments in OPEC+ supply and increased production in the USA.

It is anticipated that some OPEC+ members may propose accelerating oil output increases for the second consecutive month during their meeting on May 5.