KARACHI: The Pakistani rupee experienced a slight depreciation of 0.06% against the US dollar in the inter-bank market on Tuesday, closing at 280.73, down by Re0.16 from the previous session's closing of 280.57.

Internationally, the US dollar struggled, facing broad losses as global financial markets grappled with concerns over a potential recession amid President Donald Trump's sweeping tariffs. Safe-haven currencies like the Japanese yen and Swiss franc held near six-month highs on Tuesday, reflecting investor caution.

The yen strengthened slightly to 147.325 per US dollar, and the Swiss franc reached 0.85665 per dollar, both close to their highest levels in months. Markets are increasingly wary of the economic impact of the trade war between the United States and China, with traders speculating that the resulting slowdown could prompt the Federal Reserve to cut interest rates as early as May. This uncertainty has eroded the dollar's appeal, traditionally considered a safe haven. Meanwhile, oil prices remained under pressure, hovering near four-year lows. Brent crude rose by 0.2%, reaching $64.34 per barrel, while US West Texas Intermediate crude gained 0.3%, settling at $60.88.

These gains came after significant declines on Monday, triggered by fears of an escalating trade conflict between the US and China, the world's largest economies.