Pakistani Rupee Shows Slight Gains Against US Dollar

During the initial trading hours on Wednesday, the Pakistani rupee experienced a slight appreciation of 0.06% against the US dollar in the inter-bank market.

By 10 a.m., the local currency had reached 281.75, reflecting an increase of Re0.17 against the dollar.

The previous day, Tuesday, saw the Pakistani rupee close at 281.92.

Global Market Overview

The US dollar saw a decrease on Wednesday on the international stage, continuing a two-day slide against major currencies. This came as President Donald Trump struggled to gain Republican support for his extensive tax proposal.

Furthermore, traders remained cautious, anticipating potential moves by US officials to weaken the dollar during the Group of Seven finance minister meetings in Canada.

The impact of Trump’s global tariff policies, which have caused significant currency fluctuations in recent months, has decreased this week as the deadline approaches for the 90-day tariff exemptions for US trade partners.

Despite optimism that the White House aims to restore trade on a sustainable basis, negotiations with key allies like Tokyo and Seoul have seemingly stalled.

The US dollar fell by 0.14% to 144.31 yen in early Asian trading and also dropped by 0.22% to 0.8264 Swiss francs.

Oil Prices Surge Amid Geopolitical Tensions

Oil prices, a crucial factor in currency valuation, rose by over 1% on Wednesday following reports that Israel may be planning an attack on Iranian nuclear facilities. This development raised concerns about potential disruptions in the Middle East, a major oil-producing region.

Brent crude futures for July saw an increase of 86 cents, or 1.32%, reaching $66.24 a barrel by 0003 GMT. US West Texas Intermediate crude futures for July also climbed by 90 cents, or 1.45%, to $62.93.

On Tuesday, citing US officials, CNN reported that new intelligence suggested Israel’s preparation to strike Iranian nuclear facilities.

CNN noted that it remained unclear whether Israeli leaders had made a final decision.

Following the news, US crude futures increased by more than $2 a barrel, while Brent futures rose by over $1.

This information constitutes an intra-day market update.