Intraday trade: PKR posts slight recovery against USD 

KARACHI: The Pakistani rupee posted a slight gain against the US dollar in early interbank trading on Thursday, appreciating by 0.05 per cent. By noon, it was trading at 284.83, up by 13 paisa from the previous close of 284.96. The currency has lost Rs1.20 or 0.42 per cent during the current fiscal year, while it has weakened by Rs6.41 or 2.25 per cent since the beginning of the calendar year.

Globally, the US dollar was under pressure on Thursday after losing ground overnight. Markets were rattled by concerns that US President Donald Trump might be considering the removal of Federal Reserve Chair Jerome Powell if re-elected.

Although Trump denied immediate plans to fire Powell, he renewed his criticism of the Fed chief for not cutting interest rates, and did not rule out replacing him. Powell’s term runs until May 2026. Investors worry that any attempt to oust Powell early could damage confidence in the US financial system and the dollar’s position as a safe-haven currency.

The US dollar index, which measures the greenback against a basket of major peers, was flat at 98.384 after slipping 0.3 per cent on Wednesday. The dollar edged up 0.2 per cent against the yen to 148.14, following a 0.6 per cent drop in the previous session.

Read more: PSX gains over 1,700 points to breach 138k mark

The euro held steady at $1.1632, while the British pound inched down 0.1 per cent to $1.3409. Meanwhile, global investors remained cautious over possible new tariffs expected from August 1, which could affect trade relations with several countries.

Previous close and performance against other foreign currencies 

Back home, the rupee ended Wednesday’s interbank session at 284.96 per dollar, showing a decline of 29 paisa or 0.10 per cent compared to the previous close of 284.67. In the open market, exchange companies were quoting the dollar at Rs286.50 for buying and Rs288.00 for selling.

The rupee showed mixed movement against other major currencies. It strengthened against the Swiss franc, closing at 355.65 after gaining Rs2.02 or 0.57 per cent. However, it slipped by 7.89 paisa or 0.10 per cent against the UAE dirham to close at 77.58. Against the Japanese yen, the local currency appreciated by 1.26 paisa or 0.65 per cent, ending the day at 1.9145 compared to 1.9271 a day earlier.

The rupee fell by 1.77 paisa or 0.04 per cent against the Chinese yuan, closing at 39.70. It also declined by 7.63 paisa or 0.10 per cent against the Saudi riyal, ending at 75.98. However, the local unit rose by Rs1.62 or 0.49 per cent against the euro, settling at 331.11 compared to the previous value of 332.74. Similarly, it gained Rs1.02 or 0.27 per cent against the British pound, closing at 381.78 from 382.80 a day earlier.

Read next: vivo X200 FE price in Pakistan puts it up against premium rivals