The Pakistani rupee stood stable against the US dollar during intra-day trading in the inter-bank market on Monday.
At 9:40am, the local currency was hovering at 280.72 against greenback, unchanged from the previous session’s close.
On Friday, the rupee had closed the day at 280.72.
The dollar tumbled on Monday as investor confidence in the U.S. economy took another hit over President Donald Trump’s plans to shake up the Federal Reserve, which would throw into question the independence of the central bank.
White House economic adviser Kevin Hassett said on Friday that the president and his team were continuing to study whether they could fire Fed Chair Jerome Powell, just a day after Trump said Powell’s termination “cannot come fast enough” as he called for the Fed to cut interest rates.
The dollar sank to a three-year low against the euro , hit a seven-month trough on the yen and slid 0.9% against the Swiss franc early in the Asian session on Monday, as an ongoing crisis of confidence in the greenback continued to play out.
Trading was thinned with markets in Australia and Hong Kong closed for Easter Monday. Most markets globally were closed on Friday for a holiday.
This is intra-day update
