Pakistani Rupee Gains Marginally Against US Dollar Amid Global Dollar Weakness

ISLAMABAD: The Pakistani Rupee recorded a marginal gain against the US Dollar in the interbank market on Monday, strengthening by one paisa to close at Rs277.55 per US Dollar, compared with Friday’s closing rate of Rs277.56.

The slight improvement in the local currency came as the US Dollar remained under pressure in global markets. The greenback slipped close to its lowest level in several months following the US Treasury’s pledge to purchase long-term bonds, which weighed on investor sentiment toward the currency.

The Canadian Dollar declined 0.2% after trade talks between Canada and the United States failed to make progress. Tensions between the two countries have also intensified following the imposition of 50% tariffs on each other.

Meanwhile, the Euro remained firm at $1.1685, while the Japanese Yen traded around 159 per US Dollar. The Australian and New Zealand Dollars also remained near three-month highs at $0.7171 and $0.5979, respectively.

In cryptocurrency markets, the US Dollar recorded its biggest weekly decline against Bitcoin in three and a half years. The greenback also weakened against gold, reflecting continued pressure on the currency in international markets.

Crude oil prices also declined, with West Texas Intermediate (WTI) falling 1.62% to $85.65 per barrel, while international benchmark Brent crude dropped 1.38% to close at $93.09 per barrel.