The Pakistani rupee remained largely unchanged against the US dollar in the inter-bank market on Tuesday .
At close, the rupee settled at 279.67, a loss of Re0.01 against the greenback.
The rupee had closed at 279.66 on Monday.
Internationally, the US dollar rose on Tuesday after falling to its lowest in more than two months at the start of the week, buoyed by safe-haven flows after US President Donald Trump said tariffs on Mexico and Canada would proceed as planned.
The stronger US dollar in turn left the euro off a one-month high at $1.0461, with future gains in the single currency likely to hinge on how soon a coalition government can be formed in Germany following the election victory of the country’s conservatives.
Trump on Monday said that tariffs on Canadian and Mexican imports are “on time and on schedule” despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline.
Many had hoped the top two US trading partners could persuade Trump’s administration to further delay tariffs that would apply to over $918 billion worth of U.S. imports from the two countries, from autos to energy.
His comments spurred a rush to safety assets like gold and U.S. Treasuries, with the dollar also a beneficiary of some of those risk-off moves.
Oil prices, a key indicator of currency parity, rose for a second day on Tuesday as fresh US sanctions imposed on Middle Eastern producer Iran increased concerns supply might tighten and as global refining margins remained strong.
Brent crude futures rose 38 cents, or 0.5%, to $75.16 a barrel by 0401 GMT. US West Texas Intermediate crude futures gained 47 cents, or 0.7%, to $71.17 a barrel. Both contracts gained in Monday’s session after a $2 drop last Friday.
This is an intra-day update
American Dollar Exchange Rate