Rupee’s Performance Against US Dollar Since 17 Jan 2025
The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday.
At close, the currency settled at 279.97, a loss of Re0.02 against the greenback.
On Tuesday, the rupee had closed at 279.95.
Internationally, the US dollar languished near a five-month low versus major peers on Wednesday, as worries about the US economy continued to simmer under President Donald Trump’s unpredictable trade policies.
The euro hovered close to a five-month peak on increased optimism for an end to the war in Ukraine.
The Canadian dollar endured a volatile session overnight after Trump pledged to double tariffs on steel and aluminium to 50%, only to reverse course just hours later. The Bank of Canada decides policy on Wednesday, with traders fully expecting another quarter-point interest rate cut.
The US dollar index, which measures the currency against a basket of six major peers, was flat at 103.47 in early Asian trade, following a 0.46% slide on Tuesday that took it as low as 103.21 for the first time since October 16.
A run of softer US economic data continued on Tuesday with small-business confidence dropping for a third straight month in February. Investors have been on edge since Trump refrained from ruling out the possibility of a recession under his trade policies in a Sunday interview with Fox News.
Oil prices, a key indicator of currency parity, edged up on Wednesday, buoyed by a weaker dollar, but mounting fears of a US economic slowdown and the impact of tariffs on global economic growth capped gains.
Brent futures rose 13 cents, or 0.2%, to $69.69 a barrel at 0730 GMT, while US West Texas Intermediate crude futures gained 13 cents, or 0.2%, to $66.38 a barrel.
