The Pakistani rupee strengthened against the US dollar, appreciating 0.14% during the opening hours of trading in the inter-bank market on Tuesday.
At 10am, the currency was hovering at 282.8, a gain of Re0.41.
On Monday, the currency settled at 283.21.
Globally, the euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the US and the European Union favoured the former and hardly lifted the economic outlook of the bloc.
France, on Monday, called the framework trade agreement a “dark day” for Europe, saying the bloc had caved in to US President Donald Trump with an unbalanced deal that slapped a headline 15% tariff on EU goods.
German Chancellor Friedrich Merz said his economy would suffer “significant” damage due to the agreed tariffs.
The euro slid 1.3% in the previous session, its sharpest one-day percentage fall in over two months, on worries about growth and as euro-area government bond yields fell.
The common currency last traded 0.07% higher at $1.1594.
The dollar held on to gains on Tuesday and knocked sterling to a two-month low of $1.3349. The yen edged marginally higher to 148.49 per dollar.
The dollar index steadied at 98.67.
Oil prices, a key indicator of currency parity, extended gains on Tuesday, lifted by hopes of improved economic activity after the US-EU trade deal, a potential US-China tariff truce and President Donald Trump’s shorter deadline for Russia to end the Ukraine war.
Brent crude futures were up 24 cents, or 0.34%, to $70.28 a barrel by 0000 GMT, while US West Texas Intermediate crude was at $66.93 a barrel, up 22 cents, or 0.33%.
Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday.
This is an intraday update
The Pakistani rupee strengthened against the US dollar, appreciating 0.14% during the opening hours of trading in the inter-bank market on Tuesday.
At 10am, the currency was hovering at 282.8, a gain of Re0.41.
On Monday, the currency settled at 283.21.
Globally, the euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the US and the European Union favoured the former and hardly lifted the economic outlook of the bloc.
France, on Monday, called the framework trade agreement a “dark day” for Europe, saying the bloc had caved in to US President Donald Trump with an unbalanced deal that slapped a headline 15% tariff on EU goods.
German Chancellor Friedrich Merz said his economy would suffer “significant” damage due to the agreed tariffs.
The euro slid 1.3% in the previous session, its sharpest one-day percentage fall in over two months, on worries about growth and as euro-area government bond yields fell.
The common currency last traded 0.07% higher at $1.1594.
The dollar held on to gains on Tuesday and knocked sterling to a two-month low of $1.3349. The yen edged marginally higher to 148.49 per dollar.
The dollar index steadied at 98.67.
Oil prices, a key indicator of currency parity, extended gains on Tuesday, lifted by hopes of improved economic activity after the US-EU trade deal, a potential US-China tariff truce and President Donald Trump’s shorter deadline for Russia to end the Ukraine war.
Brent crude futures were up 24 cents, or 0.34%, to $70.28 a barrel by 0000 GMT, while US West Texas Intermediate crude was at $66.93 a barrel, up 22 cents, or 0.33%.
Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday.
This is an intraday update
American Dollar Exchange Rate