Pakistani rupee slightly weaker against US dollar

Karachi: The Pakistani rupee saw a minor drop against the US dollar in the inter-bank market on Monday, depreciating by 0.05%. At the end of the day, the rupee closed at Rs280.60, losing 13 paisas compared to the previous session.

Last week, the rupee remained mostly stable. It fell by 31 paisas during the first three trading days but recovered in the last two sessions, gaining back the same amount. As a result, it ended the week at Rs280.47 – the same level as the week before, according to data from the State Bank of Pakistan (SBP).

On the global front, the US dollar weakened slightly on Monday. It had risen briefly after touching a three-year low but lost strength again. Investors were cautious due to uncertainty caused by US President Donald Trump's mixed announcements about tariffs on imported goods. His sudden changes in policy have created confusion in financial markets and lowered confidence in the US dollar.

In Asian trading, the dollar lost ground against major currencies. It dropped by 0.05% to 0.8158 against the Swiss franc and fell 0.62% to 142.62 against the Japanese yen.

Meanwhile, global oil prices edged up on Monday. This came after Chinese trade data showed a strong recovery in crude oil imports in March. However, worries remain that the ongoing trade tensions between the US and China could hurt global economic growth and reduce fuel demand.

Brent crude oil rose by 6 cents (0.09%) to $64.82 a barrel, while US West Texas Intermediate (WTI) crude increased by 9 cents (0.15%) to $61.59 a barrel.

Oil prices are closely watched in Pakistan, as they often influence the strength of the local currency due to the country’s reliance on energy imports.