Karachi – The Pakistani rupee (PKR) held largely steady against the US dollar in the inter-bank market on Thursday, closing at Rs284.97, marginally weaker by Re0.01 compared to the previous day’s rate of Rs284.96.
In the open market, however, the local currency saw a minor depreciation, ending the day at Rs287.36 for buying and Rs288.60 for selling, a drop of 10 and 11 paise respectively.
International Market Impact
The US dollar, meanwhile, faced renewed pressure globally following reports suggesting that former President Donald Trump was considering removing Federal Reserve Chair Jerome Powell—a move that could severely undermine the credibility of the US financial system.
Although Trump publicly denied the claims, he reiterated his dissatisfaction with Powell for not cutting interest rates to his desired 1% level. The uncertainty rattled investor confidence, pushing the US Dollar Index slightly lower to 98.384, after a 0.3% drop on Wednesday.
Key currency pairs showed mixed trends:
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USD/JPY rose 0.2% to 148.14
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EUR/USD slightly down to $1.1632
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GBP/USD edged 0.1% lower to $1.3409
Oil Prices Support Global Sentiment
Despite ongoing trade tensions and tariff-related fears, oil prices climbed, supporting market risk appetite:
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Brent crude rose by 31 cents to $68.83 per barrel
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WTI crude gained 61 cents, reaching $66.99 per barrel
The rise was driven by tight global inventories and renewed geopolitical risks in the Middle East.
Trump-Powell Tensions Rattle Dollar as Markets Brace for Fed Volatility
Open-Market Currency Performance
In other currency pairs:
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Euro: PKR gained 23 paise (buying) and 5 paise (selling), closing at Rs334.45/337.77
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UAE Dirham: PKR lost 6 paise (buying) and 2 paise (selling), ending at Rs78.50/79.16
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Saudi Riyal: PKR depreciated by 10 paise (buying) and 9 paise (selling), settling at Rs76.81/77.39
Despite global uncertainties, the rupee has maintained a relatively stable position, with the central bank likely monitoring external developments closely.
