Pakistani rupee recorded slight improvement against the US dollar, appreciating 0.02% during the opening hours of trading in the inter-bank market on Thursday.
At 10am, the currency was hovering at 284.40, a gain of Re0.07.
On Wednesday, the currency settled at 284.47.
Internationally, the US dollar slipped further from a two-week high versus major peers on Thursday, as President Donald Trump’s latest tariff salvos failed to shake markets, except in Brazil where a threatened 50% levy sent the real sliding as much as 2.8% overnight.
The US dollar felt additional weight from a sharp decline in US Treasury yields following a strong auction of 10-year notes on Wednesday, tempering worries about the “Sell America” narrative that had seen Treasuries, the dollar and Wall Street stocks sold off in tandem earlier this year.
Overall, investors were hungry for riskier assets with the most damaging tariff scenarios looking increasingly unlikely, helping Nvidia become the first stock ever with a $4 trillion valuation, and lifting cryptocurrency bitcoin to an all-time peak just shy of $112,000.
The US dollar index, which measures the currency against six major peers, eased 0.1% to 97.286, extending a 0.2% decline from Wednesday, the same day that it pushed to the highest since June 25 at 97.837 before losing momentum.
Oil prices, a key indicator of currency parity, dropped on Thursday as market participants perceived the latest tariff announcements by US President Donald Trump to threaten global economic growth and demand for the resource.
Brent crude futures were down 22 cents, or 0.31%, at $69.97 a barrel by 0052 GMT. US West Texas Intermediate crude lost 27 cents, or 0.39%, to $68.11 a barrel.
This is an intra-day update
