The Pakistani rupee posted marginal gain against the US dollar, appreciating by 0.08% during intra-day trading in the inter-bank market on Tuesday.
At 10:03am, the local currency was hovering at 280.83 against the greenback, up by Re0.24 against the previous day close.
On Monday, the rupee had closed the day at 281.07.
The dollar barely recouped its heavy losses on Tuesday as investors were no clearer on whether a de-escalation of the Sino-U.S. trade war was underway with Treasury Secretary Scott Bessent suggesting the onus was on China to start negotiations.
Bessent said in an interview on Monday that it was up to China to de-escalate on tariffs – the latest in a slew of conflicting signals over progress on trade talks between the world’s two largest economies.
While Trump insists there has been progress and that he has spoken with Chinese President Xi Jinping, Beijing has denied such assertions.
Oil prices, a key indicator of currency parity, fell in early Asian trading on Tuesday as investors lowered their demand growth expectations due to the ongoing trade war between the United States and China, the world’s two biggest economies.
Brent crude futures fell by 25 cents, or 0.4%, to $65.61 per barrel by 0024 GMT. U.S. West Texas Intermediate crude futures fell 18 cents, or 0.3%, to $61.87 a barrel.
Both benchmarks fell more than $1 on Monday.
U.S. President Donald Trump’s push to reshape world trade by imposing tariffs on all U.S. imports has created a high risk that the global economy will slip into a recession this year, according to a majority of economists in a Reuters poll.
China, hit with the steepest of those tariffs, has responded with its own levies against U.S. imports, stoking a trade war between the top two oil consuming nations.
This is intra-day update
