Rupee remains largely stable against US dollar

The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday.

At close, the currency settled at 278.85 for a loss of Re0.03 against the greenback.

According to the State Bank of Pakistan (SBP), the rupee closed at 278.82 on Tuesday.

Internationally, the US dollar drifted slightly lower on Wednesday in indecisive trading as a lack of clarity on President Donald Trump’s plans for tariffs kept financial markets guessing.

Trump said late Tuesday at the White House that his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada would face levies of around 25%.

He also vowed duties on European imports without providing further details.

Despite those threats, a lack of specific plans from Trump’s first day in office saw the US dollar start the week with a 1.2% slide against a basket of major peers.

It stabilized on Tuesday, ending flat after an attempted rebound fizzled, with US officials saying any new taxes would be imposed in a measured way.

The US dollar index, which tracks the currency against the euro, yen and four other top rivals, was down 0.14% at 108 as of 0054 GMT.

Oil prices, a key indicator of currency parity, dipped on Wednesday extending the previous session’s declines as markets weighed US President Donald Trump’s declaration of a national energy emergency on his first day in office and eyed his tariff policies.

Brent crude futures fell 36 cents, or 0.5%, to $78.93 per barrel at 0730 GMT.

US West Texas Intermediate crude futures dropped 46 cents, or 0.6%, at $75.37.

The contracts settled lower on Tuesday after Trump laid out a sweeping plan to maximise oil and gas production, including declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the US from the Paris climate pact.