Pakistani Rupee Gains Slightly Against Dollar

The Pakistani rupee recorded a marginal gain against the US dollar in the inter-bank market on Wednesday, closing at 279.90, a rise of Re0.01.

On Tuesday, the local currency had closed at 279.91, maintaining stability despite global fluctuations, as investors continued monitoring international developments affecting the value of the US dollar and the rupee.

Internationally, the US dollar hovered near three-week lows against the euro and the Swiss franc, following White House threats over Greenland that triggered broad U.S. asset selloffs.

The decline in US assets affected Wall Street stocks, Treasury bonds, and major global currencies, reflecting investor concerns over geopolitical tensions and the potential impact on international financial markets.

The Japanese yen weakened after government bond yields surged to record highs, as investors worried about fiscal largesse and Prime Minister Sanae Takaichi’s plan to expand her political mandate.

Read More: Gold Prices Jump Sharply Across Pakistan

The dollar index, measuring the US currency against six major peers, fell 0.53% overnight, marking its worst single-day performance in six weeks, remaining flat at 98.541 on Wednesday.

Meanwhile, the greenback tumbled more than one percent against the euro on Tuesday, reaching $1.1770 per euro, its lowest level since December 30, before changing hands at $1.1720.

Oil prices fell on Wednesday, reflecting currency movements, as Brent futures dropped 76 cents, or 1.2%, to $64.16 a barrel, while West Texas Intermediate lost 60 cents.

The decline occurred despite temporary production halts at two large Kazakhstan oil fields and geopolitical pressures from US tariff threats on Greenland, as anticipated US crude inventories rose.