Pakistan, March 10 -- The Pakistani rupee recorded a slight depreciation of 0.04% (Re0.10) against the US dollar in the inter-bank market on Monday, closing at 279.97. This marks the first time in over a year that the local currency has settled below 280 against the greenback. Last week, the PKR saw a gradual decline, losing Re0.30 or 0.11% overall.

Globally, the US dollar struggled after facing heavy losses last week, driven by weak labor market data and rising trade war concerns. Investors shifted to safe-haven currencies like the yen and Swiss franc. The US dollar index stood at 103.59, near a four-month low, as market confidence in the American economy weakened due to trade tensions and tariff fears.

Oil prices also fell on Monday a...