Pakistani rupee sees 33rd successive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.

At close, the rupee settled at 281.42, a gain of Re0.03 against the greenback. This was the rupee’s 33rd successive gain against the greenback.

On Monday, the local unit closed at 281.45.

The Pakistani rupee is appreciating gradually against the US dollar, supported by improved sentiment after Saudi developments, with treasury heads expecting the trend to continue despite earlier concerns over rising imports.

Internationally, the US dollar faced continued pressure in early trading in Asia on Tuesday as traders parsed comments by members of the Federal Reserve for clues on the path of interest rates.

The greenback edged lower, extending declines after snapping a three-day winning streak on Monday, with the US dollar index last at 97.28.

Investors are assessing the impact of US President Donald Trump’s economic policies on the health of the global economy and the implications for Federal Reserve policy ahead of the release of core personal consumption expenditures (PCE) data later this week.

Congressional funding talks this week to avert a government shutdown on September 30 have added to market jitters.

Traders have reined in bets of interest rate cuts at the Federal Open Market Committee’s October meeting, with Fed funds futures implying a 10.2% chance of a hold, compared to a probability of 8.1% on Friday, according to the CME Group’s FedWatch tool.

Against the yen, the US dollar was flat at 147.74 yen, remaining firmly in the trading range it has sat in since the start of August.

Oil prices, a key indicator of currency parity, rose by more than $1 a barrel on Tuesday after a deal to resume exports from Iraq’s Kurdistan stalled, pacifying some investor concerns that the restart would add to global oversupply fears.

Brent crude futures were up $1.18, or 1.8%, to $67.75 a barrel by10:38 a.m. EDT (1438 GMT), while US West Texas Intermediate crude rose$1.27, or 2%, to $63.55 a barrel, both recouping modest earlier losses.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 281.42

OFFER                      Rs 281.62

Open-market movement

In the open market, the PKR gained 6 paise for buying and 5 paise for selling against USD, closing at 281.92 and 282.45, respectively.

Against Euro, the PKR lost 89 paise for buying and 94 paise for selling, closing at 332.12 and 335.29, respectively.

Against UAE Dirham, the PKR gained 7 paise for buying and 1 paisa for selling, closing at 77.01 and 77.79, respectively.

Against Saudi Riyal, the PKR gained 3 paise for buying and remained unchanged for selling, closing at 75.12 and 75.80, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 281.92

OFFER                      Rs 282.45