The Pakistani rupee posted a gain against the US dollar on Tuesday, strengthening slightly during inter-bank trading after closing higher compared with the previous session.
At the close, the local currency settled at 280.00 per dollar, recording an appreciation of Re0.01 compared with Monday’s closing level in inter-bank market today.
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In the inter-bank market, the dollar was quoted at a bid of Rs280.00 and an offer of Rs280.20 during Tuesday trading hours within Pakistan’s market.
Internationally, the US dollar remained under pressure after the Trump administration opened a criminal investigation into Federal Reserve Chair Jerome Powell late on Sunday, prompting.
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The move unsettled investors, raising concerns about central bank independence, triggering selling in the dollar and US Treasuries, while some demand shifted toward gold assets.
Currency markets showed limited moves, with the euro steady at 1.1663 dollars and sterling unchanged at 1.3463 during early Asian trade hours on Tuesday session.
Fitch Ratings said the Federal Reserve’s independence remains a key supporting factor for the United States’ AA-plus sovereign credit rating according to its assessment Monday.
In the open market, the rupee weakened slightly for buying against the dollar, which closed at 280.42 and 281.05 respectively during Tuesday’s trading session nationwide.
