Pakistani Rupee Gains Slightly Against US Dollar

The Pakistani rupee showed a marginal improvement against the US dollar, appreciating by 0.05% in the opening hours of Tuesday’s inter-bank trading.

At approximately 10:00 AM, the rupee’s value stood at 284.80, reflecting a gain of Re0.15.

The currency had closed at 284.95 on the prior day.

Global Currency Market Overview

The US dollar experienced narrow-range trading globally on Tuesday, recovering from a minor dip earlier in the week. Market participants are closely monitoring trade talk developments ahead of the August 1 deadline for nations to finalize agreements with the US to avoid significant tariffs.

The yen largely maintained its gains from the previous session, following the results of Japan’s upper house election over the weekend. Attention is now shifting to the pace at which Tokyo can secure a trade agreement with Washington and the future of Prime Minister Shigeru Ishiba’s leadership.

The Japanese currency saw a slight weakening, trading at 147.65 in early Asian markets, after increasing 1% on Monday following the election results.

US Trade Agreement Stance

With just over a week remaining until the August 1 tariff deadline, US Treasury Secretary Scott Bessent stated on Monday that the current administration prioritizes the quality of trade agreements over their speed.

When questioned about the possibility of extending the deadline for countries involved in constructive discussions with Washington, Bessent indicated that President Donald Trump would ultimately make that determination.

The US dollar index, which measures the dollar against a basket of currencies, edged up to 97.94, after decreasing by 0.6% on Monday.

Oil Prices Decline Amid Trade War Concerns

Oil prices, a significant indicator of currency valuation, decreased on Tuesday due to concerns that the escalating trade conflict between major crude oil consumers, specifically the US and the European Union, will negatively impact fuel demand by diminishing economic activity, thereby dampening investor confidence.

Brent crude futures decreased by 52 cents, or 0.75%, to reach $68.69 a barrel by 0325 GMT. US West Texas Intermediate crude traded at $66.69 a barrel, decreasing by 51 cents, or 0.76%. Both benchmarks had closed slightly lower on Monday.

The August WTI contract is set to expire on Tuesday, and the more active September contract saw a decrease of 54 cents, or 0.82%, to $65.41 a barrel.

This information reflects an intra-day update.