Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its upward trajectory against the US dollar, appreciating 0.03% in the inter-bank market on Tuesday.
At close, the currency settled at 282.57, a gain of Re0.09.
On Monday, the currency settled at 282.66.
Globally, the US dollar wavered on Tuesday as the rising odds of Federal Reserve rate cuts weighed on sentiment, while investors assessed the broader economic impact of US tariffs unleashed last week.
The dollar remained under pressure following Friday’s US jobs report that showed cracks in the labour market, prompting traders to swiftly price in rate cuts next month.
US President Donald Trump’s firing of a top statistics official and the resignation of Federal Reserve Governor Adriana Kugler also exacerbated market unease, leading to a sharp dive in the dollar on Friday.
The US currency found its footing on Monday but was weaker in early trading on Tuesday. The euro last bought $1.1579 while sterling stood at $1.3298.
The dollar index, which measures the US currency against six other units, was at 98.688 after touching a one-week low earlier in the session.
Traders are now pricing in a 94.4% chance of the Fed cutting rates in its next meeting in September, compared to 63% a week earlier, CME FedWatch tool showed.
Oil prices, a key indicator of currency parity, slipped over 1% on Tuesday as rising OPEC+ supply and worries of weaker global demand countered concern about U.S. President Donald Trump’s threats to India over its Russian oil purchases.
The Organisation of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned.
Brent crude futures were down 82 cents, or 1.2%, to $67.94 a barrel at 1245 GMT, while U.S. West Texas Intermediate crude slipped 88 cents, or 1.3%, to $65.41. Both contracts fell by more than 1% on Monday to settle at their lowest in a week.
Inter-bank market rates for dollar on Tuesday
BID Rs 282.57
OFFER Rs 282.77
Open-market movement
In the open market, the PKR gained 12 paise for buying and 10 paise for selling against USD, closing at 284.34 and 285.15, respectively.
Against Euro, the PKR gained 74 paise for buying and 66 paise for selling, closing at 327.91 and 329.64, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 77.39 and 77.60, respectively.
Against Saudi Riyal, the PKR gained 8 paise for buying and 5 paise for selling, closing at 75.66 and 75.95, respectively.
Open-market rates for dollar on Tuesday
BID Rs 284.34
OFFER Rs 285.15
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