By Recorder Report
Pakistani rupee slightly declined against the US dollar, depreciating 0.04% during the opening hours of trading in the inter-bank market on Wednesday.
At 10:40am, the currency was hovering at 284.78, a loss of Re0.11.
On Tuesday, the currency settled at 284.67.
Internationally, the US dollar rose alongside Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest US inflation report showed signs that President Donald Trump鈥檚 tariffs were beginning to feed into prices.
Rising prices on goods as varied as coffee, audio equipment and home furnishing pulled the inflation rate higher in June, with substantial increases in prices of the heavily imported items.
That pushed the dollar and bond yields higher as investors pared back expectations of Federal Reserve interest rate cuts this year.
The jump in the dollar was most apparent against the yen, as it knocked the Japanese currency to a four-month low of 149.03 overnight. The dollar last traded at 148.90 yen.
The euro and s