Pakistani Rupee Gains Slightly Against US Dollar

The Pakistani rupee experienced a minor increase against the US dollar, appreciating by 0.1% in the initial trading hours within the inter-bank market this Friday.

As of 10:15 am, the domestic currency was valued at 281.83, indicating a gain of Re0.24 against the US dollar.

On the previous day, Thursday, the Pakistani rupee concluded trading at 282.07.

Global Market Overview

The US dollar weakened on the international market this Friday, on track for its fifth consecutive monthly decline. This comes as traders prepare for potential volatility concerning trade and fiscal stability, while investors are awaiting a crucial inflation report to be released later today.

The dollar’s performance throughout the week has been unstable, closing lower in the prior session after a federal court temporarily reinstated the most extensive of former President Donald Trump’s tariffs. This occurred a day after a separate trade court ordered an immediate halt to the tariffs.

Trump has voiced his disapproval of the trade court’s decision, expressing his hope that the Supreme Court will reverse the ruling.

The uncertainty surrounding tariffs has significantly impacted markets, leading investors to seek alternatives to US assets, concerned that Trump’s unpredictable policies may jeopardize the strength and superior performance of US markets.

On Friday, the euro saw a slight increase, reaching $1.1378, while the Swiss franc also strengthened, reaching 0.8216 per dollar.

The US currency is expected to register monthly declines against the Swiss franc, the euro, and the British pound.

The dollar index, which measures the US dollar’s value against a basket of six other currencies, remained steady. The index is poised for a 0.4% decrease in May, marking its fifth consecutive month in negative territory.

Oil Prices Decline Amid Tariff Uncertainty

Oil prices, a vital indicator of currency parity, are set to conclude the week with a decrease of over 1% on Friday, influenced by fluctuating tariff decisions in the US and anticipation of a potential increase in OPEC+ output.

Brent crude futures decreased by 26 cents, or 0.41%, to $63.89 a barrel as of 0104 GMT. U.S. West Texas Intermediate crude experienced a fall of 27 cents, or 0.44%, settling at $60.67 a barrel.

The Brent July futures contract is scheduled to expire today.

This information reflects an intra-day market update.