Pakistani rupee holds firm against US dollar amid global currency fluctuations

Karachi: The Pakistani rupee remained largely stable against the US dollar during early trading hours in the inter-bank market on Thursday.

At 9:52am, the local currency was trading at 280.47, just 1 paisa lower than Wednesday’s closing rate of 280.46.

This steady performance comes amid a turbulent international currency market, where the US dollar is under pressure due to trade-related concerns. Globally, the dollar is on track for its fourth consecutive weekly loss as investors move away from US assets, largely due to ongoing tariff threats and uncertainties around US economic policies.

Despite falling to a seven-month low against the Japanese yen, the dollar regained some ground after trade talks between the US and Japan avoided discussing currency issues.

Among major currencies, the Swiss franc has seen the strongest performance, rising 8% since April 2. It is now close to a decade-high level, trading at 0.8151 per dollar. The euro and yen have also gained nearly 5% against the dollar in just over two weeks.

In Asian markets, the euro dipped slightly to $1.1373 but remains on course for its fourth weekly gain. This is despite expectations that the European Central Bank will announce a 25-basis-point interest rate cut later in the day.