Pakistani Rupee Gains Marginally Against US Dollar

The Pakistani rupee experienced a slight recovery against the US dollar, appreciating by 0.01% in the inter-bank market on Thursday.

At approximately 10:00 AM, the local currency was trading at 281.93, reflecting a gain of Re0.04 against the US dollar.

The previous day, Wednesday, saw the Pakistani rupee closing at 281.97.

Global Economic Factors Impacting the US Dollar

Worldwide, concerns over US fiscal policy and a subdued Treasury bond auction led to a decline in the US dollar, reaching a two-week low against the Japanese yen on Thursday. These events occurred while President Donald Trump aimed to advance his extensive spending and tax-cut legislation through Congress.

The unenthusiastic response to the 20-year bond offering amplified a negative sentiment towards US assets, impacting both the US dollar and Wall Street. Market participants were already cautious following Moody’s downgrade of the US triple-A credit rating the previous week.

Bitcoin reached a new all-time high on Thursday, driven in part by investors seeking alternatives to US assets. Gold also benefited, reaching a nearly two-week high of $3,325.79, positioning it within $175 of April’s record high.

The US dollar weakened to 143.27 yen in early Asian trading, marking its lowest level since May 7.

Bitcoin was last up by 1.6% at $110,049.82, after hitting a record high of $110,636.58 earlier in the day.

Oil Prices Decline Amid Demand Concerns

Oil prices, a key indicator of currency values, decreased on Thursday due to unexpected increases in US crude and fuel inventories, raising concerns about demand. Investors also remained cautious, focusing on renewed nuclear talks between Iran and the US.

Brent crude futures fell by 33 cents, or 0.5%, to $64.58 a barrel by 0038 GMT, while US West Texas Intermediate crude dropped by 32 cents, or 0.5%, to $61.25. Both benchmarks experienced a 0.7% decline on Wednesday.

US crude and fuel inventories showed surprising increases last week, the Energy Information Administration reported on Wednesday, as crude imports reached a six-week high and demand for gasoline and distillates decreased.

This information represents an intra-day update.