The Pakistani rupee posted marginal gain against the US dollar, appreciating by 0.02% during intra-day trading in the inter-bank market on Monday.
At 9:58am, the local currency was hovering at 280.92, up by Re0.05 against the previous day close.
On Friday, the rupee had closed at 280.97 against the greenback.
During the previous week, the Pakistani rupee depreciated further against the US dollar in the inter-bank market as it lost Re0.25 or 0.09%.
Internationally, the dollar made a steady start on Monday as investors prepared for a week packed with economic data that may give a first glimpse of whether U.S. President Donald Trump’s trade war is hitting home.
At 143.57 yen and $1.1360 per euro the greenback has, for now, found a footing, while staying on course for its largest monthly fall in nearly 2-1/2 years as Trump has rattled confidence in the dependability of U.S. assets.
It is down more than 4% on both the euro and the yen through April, though bounced at the end of last week on an apparent conciliatory shift in the tone of U.S.-China relations.
Last week both sides seemed to pull back from the precipice, with the Trump administration signalling openness to reducing tariffs and China exempting some imports from its 125% levies.
Yet where Trump insists there has been progress, and that he has spoken with President Xi Jinping, Beijing has denied trade talks are occurring and on Sunday Treasury Secretary Scott Bessent did not say that tariff talks were under way.
Oil prices, a key indicator of currency parity, inched up in early trade on Monday but remained dogged by uncertainty over trade talks between the U.S. and China clouding the outlook for global growth and fuel demand, while the prospect of OPEC+ raising its supply cast more gloom.
Brent crude futures and U.S. West Texas Intermediate crude nudged higher for a third session, up 9 cents by 0025 GMT to $66.96 and $63.11 a barrel, respectively.
“Absence of news is pushing oil prices modestly higher as traders are positioned short ahead of potential increased OPEC+ supply from the May 5 meeting and a significant production boost in the USA,” Michael McCarthy, chief executive officer of online trading platform Moomoo Australia.
Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to suggest that the group accelerates oil output hikes for a second consecutive month when they meet on May 5.
