Pakistani Rupee Gains Ground Against US Dollar

The Pakistani rupee exhibited resilience against the US dollar, experiencing a 0.1% appreciation during the initial trading hours in the inter-bank market today, Thursday.

As of 10 a.m., the local currency was trading around 281.91, indicating an increase of Re0.26 relative to the US dollar.

The interbank market remained closed on Wednesday due to the Yaum-e-Takbeer holiday.

On Tuesday, the Pakistani rupee concluded the day at a closing rate of 282.17.

Global Market Impact

Across the globe, the US dollar demonstrated considerable strength on Thursday following a court decision that halted President Donald Trump’s proposed import tariffs. Consequently, the dollar surged against major currencies, including the euro, yen, and Swiss franc.

The Court of International Trade, situated in Manhattan, asserted that the US Constitution vests exclusive authority in Congress to regulate commerce with foreign nations, which is not superseded by presidential emergency powers intended to protect the US economy.

In response, the Trump administration has lodged an appeal.

This development triggered a risk-on surge across various markets, leading to an increase in Wall Street futures. The dollar experienced an immediate rise as a reaction to the potential easing of global trade tensions.

The US dollar saw an increase of 0.6% against the yen, reaching 145.72, and a rise of 0.65% against the Swiss franc, hitting 0.8326. The euro weakened by 0.5% to $1.1232, while the British pound declined by 0.2% to $1.3432.

The dollar index, which gauges the US currency’s performance against six major currencies, surpassed 100 for the first time in a week, last recorded at 100.40.

Trump’s tariffs had previously diminished investor confidence in US assets, prompting capital outflow from the United States.

Oil Prices Rise

Oil prices, a crucial indicator of currency parity, experienced an increase on Thursday following the court’s decision to block Trump’s tariffs. The market is also closely monitoring potential new US sanctions aimed at curbing Russian crude flows and an OPEC+ decision regarding a potential output increase in July.

Brent crude futures rose by 81 cents, or 1.25%, to reach $65.71 per barrel. US West Texas Intermediate crude increased by 83 cents, or 1.34%, reaching $62.62 per barrel at 0102 GMT.

This information constitutes an intra-day update.