Pakistani Rupee’s Stability in Early Trading

During Thursday’s initial trading hours, the Pakistani rupee demonstrated resilience against the US dollar in the inter-bank market.

At 9:52 am, the local currency was recorded at 280.47, reflecting a minimal decrease of 1 paisa compared to the preceding day’s closing value.

The rupee concluded Wednesday’s trading at 280.46 against the US dollar.

Globally, the dollar was on track for its fourth consecutive week of losses as tariffs prompted investors to move away from U.S. assets. However, it slightly recovered from a seven-month low against the yen since U.S.-Japan trade discussions have thus far avoided currency-related topics.

Investor confidence in the U.S. economy has been shaken by the U.S.’s threats, implementation, and subsequent postponement of significant tariffs, leading to a decline in the dollar’s value.

The Swiss franc has seen the most substantial gain among G10 currencies since April 2, increasing by 8% as a safe-haven asset. It is currently testing strong resistance at 0.81 against the dollar, a level not seen in a decade.

The euro and yen have also made considerable gains against the dollar, rising by approximately 5% in just over two weeks.

In Asian morning trading, the euro experienced a slight dip to $1.1373. Despite this, it is still poised for a fourth consecutive week of gains, even with the European Central Bank anticipated to implement a 25-basis-point rate cut later in the trading session.