KARACHI: The Pakistani rupee weakened slightly against the US dollar on Tuesday, depreciating by 0.05% in the inter-bank market.

By the day’s end, the local currency closed at 281.92, down by Re0.15 compared to Monday’s closing rate of 281.77.

On the global front, the US dollar traded mostly flat on Tuesday after declining over the past week, constrained by the Federal Reserve’s cautious stance on the economy and growing concerns over the expanding US fiscal deficit as lawmakers moved closer to approving a key spending bill.

The dollar had broadly retreated on Monday following Moody’s unexpected downgrade of the US sovereign credit rating due to deficit worries. Market focus has now shifted to an upcoming vote in Washington on former President Donald Trump’s major tax cut package.

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