Rupee registers marginal gain against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee saw slight improvement against the US dollar, appreciating 0.04% in the inter-bank market on Tuesday.

At close, the currency settled at 280.77, a gain of Re0.10 against the US dollar.

On Monday, the rupee closed the day at 280.87 against the dollar.

The dollar languished near its lowest level in three years on Tuesday as President Donald Trump’s unrelenting attacks on the Federal Reserve chairman further eroded investor confidence in the U.S. economy.

The U.S. currency sagged close to the decade-low reached the previous day against the Swiss franc, and hovered near a 3-1/2-year trough versus the euro.

Trump ramped up his criticism of Fed chief Jerome Powell on Monday in a Truth Social post, calling him a “major loser” and demanding that he lower interest rates “NOW” or risk an economic slowdown.

On Friday, White House economic adviser Kevin Hassett said the president and his team were continuing to study whether they could fire Powell, a day after Trump said Powell’s termination “cannot come fast enough”.

Oil prices, a key indicator of currency parity, climbed in early trade on Tuesday as investors took advantage of the previous day’s losses to cover short positions, although concerns persisted over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand.

Brent crude futures rose 51 cents, or 0.8%, to $66.77 a barrel at 0045 GMT, while U.S. West Texas Intermediate crude was at $63.59 a barrel, up 51 cents, 0.8%.

Both benchmarks dropped more than 2% on Monday on signs of progress in nuclear deal talks between the U.S. and Iran, helping ease supply concerns.