Pakistani Rupee Shows Slight Gain Against US Dollar

The Pakistani rupee saw a slight improvement against the US dollar, increasing by 0.07% in the inter-bank market on Wednesday.

At approximately 9:45 am, the local currency was trading around 282.02, reflecting an increase of approximately Re0.2 against the US currency.

On Wednesday, the value of the Pakistani rupee at the close of business was 282.22.

Internationally, the US dollar experienced a softening on Thursday, remaining close to six-week lows following weak economic data from the US that heightened concerns about sluggish growth and elevated inflation. Meanwhile, the euro remained stable as the European Central Bank prepared for an anticipated interest rate decrease.

The underwhelming data, indicating a contraction in the US services sector for the first time in almost a year during May and a loosening job market, triggered a rally in Treasuries. The yield on the US 10-year Treasury note hovered near four-week lows.

The dollar showed a slight decrease against the yen, trading at 142.80, while the euro was valued at $1.1424, close to its six-week high from earlier in the week. Sterling was last recorded at $1.3557.

Since US President Donald Trump’s announcement on April 2 of a series of tariffs on various countries, followed by pauses on some and the introduction of new ones, markets have experienced volatility, prompting investors to seek alternatives to US assets.

The dollar’s weakness has been a notable theme this year, with foreign exchange strategists surveyed by Reuters anticipating further declines amid growing concerns regarding the US federal deficit and debt.

The dollar index, which evaluates the US currency against six major currencies, stood at 98.749, marking a roughly 9% decrease this year and positioning it for its weakest annual performance since 2017.

Oil prices, a crucial indicator of currency parity, declined in early trading on Thursday following a surge in US gasoline and diesel inventories and Saudi Arabia’s reduction in its July prices for Asian crude purchasers.

Brent crude futures decreased by 21 cents, or 0.3%, to $64.65 a barrel at 0047 GMT. US West Texas Intermediate crude fell by 29 cents, or 0.5%, reaching $62.58.

Oil prices concluded approximately 1% lower on Wednesday after official statistics revealed that US gasoline and distillate stockpiles increased more than anticipated, signifying weakened demand in the world’s leading economy.

This information provides an update from intraday trading.