The Pakistani rupee remained largely stable against the US dollar in the inter-bank market on Thursday.
At close, the rupee settled at 279.46, a gain of Re0.01 against the greenback.
The rupee had closed at 279.47 on Wednesday.
Internationally, the yen firmed and the US dollar held steady on Thursday as investors pondered what US President Donald Trump’s latest tariff agenda would mean for the global economy and how it could affect the interest rate outlook for major central banks.
Geopolitics also loomed large after Trump referred to Ukrainian President Volodymyr Zelenskiy as a “dictator” amid talks to end the Russia-Ukraine war.
Currency movement was modest in cautious Asian trading save for the yen, which rose to an over two-month top of 150.62 a dollar, helped by flight to safety over worries about the impact of Trump’s tariffs as well as bets of more Bank of Japan hikes this year.
Sterling retreated from a two-month top and last stood at $1.2594.
Against a basket of currencies, the dollar hovered near a one-week top at 107.15.
Minutes of the Federal Open Market Committee’s latest policy meeting released on Wednesday showed Trump’s initial proposals raised concern among Federal Reserve officials about quickening inflation and reinforced their patient approach to rate cuts.
Oil prices, a key indicator of currency parity, were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in US crude stockpiles weighed on sentiment.
Brent futures were up 20 cents at $76.24 a barrel by 0600 GMT. US West Texas Intermediate crude dropped 30 cents to $71.95.
The March contract expires on Thursday, while the more active April contract rose 21 cents to $72.31.
American Dollar Exchange Rate