The Pakistani rupee remained largely stable against the US dollar, appreciating 0.01% during the opening hours of trading in the inter-bank market on Monday.
At 10:30am, the currency was hovering at 280.23, a gain of Re0.03 against the greenback.
During the previous week, the rupee remained largely stable against the US dollar in the inter-bank market.
The local unit closed at 280.26, marginally lower by Re0.04 or 0.01% against 280.22 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar drifted just below a three-week high versus major peers on Monday as traders cautiously awaited clarity on US President Donald Trump’s next round of tariffs.
The euro rose slightly following three straight sessions of declines, while the yen edged lower against the greenback, pressured by a rise in US Treasury yields.
The US dollar index, which measures the currency against a basket of six counterparts, was flat at 104.03 as of 0049 GMT, after touching 104.22 on Friday for the first time since March 7. Last week, the index rose 0.4%, its first winning week this month.
The US dollar has been under pressure for most of this year as the market’s assumptions that Trump would quickly usher in pro-growth policies transformed into worries that the president’s aggressive and erratic trade policies could trigger a recession.
The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.
The US dollar gained 0.3% to 149.77 yen. The currency pair tends to track changes in bond yields, and 10-year Treasury yields added as much as 2.5 basis points to 4.2770% on Monday.
The shared currency had been buoyed to the highest since early October at $1.0955 last week on optimism over Germany’s move to loosen fiscal constraints in order to boost military and infrastructure spending.
Oil prices, a key indicator of currency parity, slipped on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets.
Brent crude futures were down 25 cents, or 0.4%, at $71.91 a barrel by 0409 GMT.
US West Texas Intermediate crude fell 20 cents, or 0.3%, to $68.08.
Both benchmarks settled higher on Friday and recorded a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.
This is an intra-day update
