Rupee Remains Stable Against Dollar in Inter-Bank Trading

The Pakistani rupee demonstrated resilience against the US dollar during Monday’s intra-day trading session in the inter-bank market.

As of 9:40 am, the local currency maintained its position at 280.72 against the dollar, reflecting no change from the close of the previous trading day.

On the preceding Friday, the rupee’s closing value was also recorded at 280.72.

The dollar experienced a decline on Monday due to waning investor confidence in the U.S. economy, influenced by President Donald Trump’s proposals to modify the Federal Reserve, potentially jeopardizing the central bank’s autonomy.

White House economic advisor Kevin Hassett stated on Friday that the President and his advisors are still examining the possibility of dismissing Fed Chair Jerome Powell, which was made a day after Trump stated that Powell’s removal could not happen quickly enough as he pushed for interest rate cuts by the Fed.

The dollar’s value decreased to a three-year low relative to the euro, reached a seven-month low against the yen, and fell by 0.9% against the Swiss franc in early Asian trading on Monday, indicating a sustained lack of confidence in the U.S. currency.

Trading activity was lighter than usual, as markets in Australia and Hong Kong were closed in observance of Easter Monday. A majority of global markets were also closed on Friday for the holiday.