Rupee registers marginal decline against US dollar

Rupee's Performance Against US Dollar Since 23 Jan 2025

The Pakistani rupee saw marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Monday.

At close, the currency settled at 280.37, a fall of Re0.11 against the greenback.

During the previous week, the rupee remained largely stable against the US dollar in the inter-bank market.

The local unit closed at 280.26, marginally lower by Re0.04 or 0.01% against 280.22 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

Internationally, the US dollar drifted just below a three-week high versus major peers on Monday as traders cautiously awaited clarity on US President Donald Trump’s next round of tariffs.

The euro rose slightly following three straight sessions of declines, while the yen edged lower against the greenback, pressured by a rise in US Treasury yields.

The US dollar index, which measures the currency against a basket of six counterparts, was flat at 104.03 as of 0049 GMT, after touching 104.22 on Friday for the first time since March 7. Last week, the index rose 0.4%, its first winning week this month.

The US dollar has been under pressure for most of this year as the market’s assumptions that Trump would quickly usher in pro-growth policies transformed into worries that the president’s aggressive and erratic trade policies could trigger a recession.

The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.

The US dollar gained 0.3% to 149.77 yen. The currency pair tends to track changes in bond yields, and 10-year Treasury yields added as much as 2.5 basis points to 4.2770% on Monday.

The shared currency had been buoyed to the highest since early October at $1.0955 last week on optimism over Germany’s move to loosen fiscal constraints in order to boost military and infrastructure spending.

Oil prices, a key indicator of currency parity, up on Monday as investors weighed the impact of fresh US sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets.

Brent crude futures gained 4 cents at $72.2 a barrel by 0735 GMT.

US West Texas Intermediate crude rose 8 cents, or 0.1%, to $68.36.

Inter-bank market rates for dollar on Monday

BID                            Rs 280.37

OFFER                      Rs 280.56

Open-market movement

In the open market, the PKR gained 9 paise for buying and 4 paise for selling against USD, closing at 279.83 and 282.02, respectively.

Against Euro, the PKR gained 40 paise for buying and 57 paise for selling, closing at 302.40 and 305.32, respectively.

Against UAE Dirham, the PKR gained 9 paise for buying and 2 paise for selling, closing at 76.11 and 76.78, respectively.

Against Saudi Riyal, the PKR gained 18 paise for buying and 1 paisa for selling, closing at 74.49 and 75.25, respectively.

Open-market rates for dollar on Monday

BID                            Rs 279.83

OFFER                      Rs 282.02