The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.07% in the inter-bank market on Wednesday.
At 9:45am, the local currency was hovering at 282.02, a gain of Re0.2 against the greenback.
On Wednesday, the Pakistani rupee closed the day at 282.22.
Internationally, the US dollar softened on Thursday, stuck near six-week lows after weak US economic data revived fears of slow growth and high inflation, while the euro was steady ahead of an expected interest rate cut from the European Central Bank.
The soft data, which showed US services sector contracted for the first time in nearly a year in May and an easing labour market, led to a rally in Treasuries, with the yield on the US 10-year Treasury note hovering at four-week lows.
The dollar was a tad lower against the yen at 142.80, while the euro stood at $1.1424, not far from the six-week high it touched at the start of the week. Sterling last fetched $1.3557.
Markets have been rattled since US President Donald Trump announced a slate of tariffs on countries around the globe on April 2, only to pause some and declare new ones, leading investors to look for alternatives to US assets.
The dollar weakness has been the story of the year, with foreign exchange strategists surveyed by Reuters expecting further declines on mounting concerns about the US federal deficit and debt.
The dollar index, which measures the US currency against six others, was at 98.749 and has dropped about 9% this year, poised for its weakest yearly performance since 2017.
Oil prices, a key indicator of currency parity, slipped in early trade on Thursday after a build in US gasoline and diesel inventories and Saudi Arabia’s cut to its July prices for Asian crude buyers.
Brent crude futures fell 21 cents, or 0.3%, to $64.65 a barrel at 0047 GMT. US West Texas Intermediate crude lost 29 cents, or 0.5%, dropping to $62.58.
Oil prices closed around 1% lower on Wednesday after official data showed that US gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world’s top economy.
This is an intra-day update
