KARACHI: The Pakistani rupee recorded a slight gain against the US dollar, appreciating by 0.02% in the interbank market on Thursday.
By the close of trading, the local currency stood at 283.67, up by Re0.05 compared to Wednesday’s closing rate of 283.72.
On the global front, the US dollar declined to multi-year lows against the euro and Swiss franc, as concerns mounted over the independence of the U.S. Federal Reserve, casting doubt on the credibility of the country’s monetary policy.
Citing a report by the Wall Street Journal, speculation arose that U.S. President Donald Trump considered replacing Federal Reserve Chair Jerome Powell as early as September or October in an effort to weaken his influence.
On Wednesday, Trump criticized Powell as “terrible” for not aggressively cutting interest rates, while the Fed Chair, during testimony before the Senate, maintained a cautious stance, citing the President’s tariff policies as a potential inflationary risk.
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