On Wednesday, the Pakistani rupee slightly dropped by 0.01% against the US dollar in the interbank market. The dollar ended at Rs 279.97, down by 0.02 rupees from Tuesday’s closing rate of Rs 279.95.
Globally, the US dollar stayed near a five-month low against other major currencies due to ongoing worries about the US economy caused by President Donald Trump’s unpredictable trade policies. Meanwhile, the euro reached a five-month high as hopes grew for an end to the Ukraine war.
The Canadian dollar experienced ups and downs after Trump initially planned to double tariffs on steel and aluminum but changed his mind hours later. The Bank of Canada is expected to cut interest rates by 0.25% on Wednesday.
Also read:Gold prices rise by Rs 500 per tola in Pakistan
The US dollar index remained stable at 103.47 in early Asian trading after dropping 0.46% on Tuesday, its lowest since October 16. Concerns about the US economy grew as small business confidence fell for the third month in a row in February. Investors are worried after Trump hinted at a possible recession due to his trade policies.
Oil prices rose slightly on Wednesday due to a weaker dollar, but concerns about a US economic slowdown and the impact of tariffs limited the gains. Brent crude increased by 0.2% to 69.69 per barrel,and USWest Texas Intermediate crude rose by 0.266.38 per barrel.
