The Pakistani rupee strengthened slightly against the US dollar in the interbank market on Monday, posting a marginal appreciation of 0.01 percent during early trading.
By the close of trading, the local currency settled at 279.92, recording a gain of Re0.03 against the greenback in Monday’s interbank foreign exchange market.
During the previous week, the rupee also posted a modest gain, appreciating by Re0.07 or 0.03 percent in interbank trading according to central bank data.
According to the State Bank of Pakistan, the currency closed at 279.95, compared with 280.02 a week earlier in the interbank foreign exchange market segment.
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Internationally, the US dollar fell as investors reacted to renewed tariff threats by President Donald Trump, prompting a move into safe-haven currencies across global markets.
Trump said the United States would impose an additional 10 percent import tariff from February 1 on goods from several European countries under proposed measures.
Early Asian trading saw the euro and sterling fall before recovering, while the dollar weakened as investors assessed longer-term implications of recent tariff related developments.
Oil prices declined one percent, with Brent at $63.48 and US West Texas Intermediate at $58.84, easing pressure on currency markets during Monday trading session.
