Pakistani Rupee Strengthens Slightly Against US Dollar

The Pakistani rupee saw a slight improvement against the US dollar, appreciating by 0.07% in Wednesday’s inter-bank market trading session.

The local currency concluded the day at 284.76, reflecting a gain of Re0.21. The rupee had previously settled at 284.97 on Tuesday.

On the global stage, the US dollar experienced instability against the Japanese yen on Wednesday. This followed overnight losses in value after former US President Donald Trump revealed a trade agreement with Japan ahead of anticipated tariff impositions.

The American currency has notably declined since Trump initially announced extensive tariffs on various trade partners on April 2. However, many of these duties were later delayed or suspended as his administration pursued separate trade negotiations.

In a statement made on Truth Social, Trump indicated a tariff rate of 15% on imports from Japan, a decrease from the previously projected 25% slated to commence on August 1. He further mentioned that Japan intends to invest $550 billion within the United States.

The dollar remained relatively stable at 146.61 yen, after a 0.5% decrease in the prior trading session. The dollar index, measuring the dollar’s performance against other major currencies, showed minimal change at 97.430, following a three-day downward trend. Since Trump’s tariff announcement on April 2, the index has decreased by 6.6%.

US Treasury Secretary Scott Bessent stated on Monday that the government is prioritizing the excellence of trade agreements over their swift finalization.

Oil prices, an essential indicator of currency values, stabilized during initial trading on Wednesday. This followed a three-session decline, influenced by the US-Japan trade accord signaling advancement on tariffs, in addition to a survey suggesting a reduction in US crude stockpiles the previous week, which pointed to increased demand.

Brent crude futures experienced a rise of 33 cents, or 0.48%, reaching $68.92 per barrel by 0023 GMT. Similarly, US West Texas Intermediate crude futures increased by 33 cents, or 0.51%, reaching $65.64 per barrel.