Pakistan rupee hits nearly 6-month high against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

Pakistan rupee hit nearly 6-month high in the inter-bank market on Tuesday, helped by its months long gradual appreciation against the US dollar.

The local currency has recorded gains against the greenback for the last many weeks, remaining in per-day range of a few paise.

On Tuesday, the rupee settled at 280.97, up by Re0.04 against the US dollar, according to the State Bank of Pakistan (SBP).

The local unit had closed at 281.01 on Monday.

Pakistan rupee last traded below the 281 mark against the US dollar on April 30, 2025.

Globally, the US dollar was weaker on Tuesday ahead of a slate of central bank meetings that will likely see a rate cut in the US and as investors kept a wary eye on President Donald Trump’s Asia tour, hoping for a trade deal with China.

While early signs of easing trade tensions between the world’s top two economies led to a risk rally on Monday, with the dollar slipping against rivals, investors are apprehensive any real Sino-US deal may offer far less to celebrate.

The spotlight will be on the meeting between Trump and Chinese President Xi Jinping in South Korea on Thursday. “I’ve got a lot of respect for President Xi and I think we’re going to come away with a deal,” Trump told reporters on Air Force One before landing in the Japanese capital, Tokyo.

Chinese officials have so far been circumspect about trade talks with US counterparts and have said little on the potential outcome.

The anticipation has left currency markets fairly muted so far this week.

The euro hit a one-week high of $1.1655 in early trading on Tuesday, while sterling last bought $1.3344.

The dollar index, which measures the US currency against six other units, was steady at 98.786 in early Asian hours, having eased 0.15% in the previous session.

Oil prices, a key indicator of currency parity, fell on Tuesday, marking their third day of declines as an OPEC+ plan to raise output outweighed optimism about a potential US-China trade deal.

Brent crude futures fell 83 cents or 1.26% to $64.79 a barrel at 0757 GMT. US West Texas Intermediate crude futures were down 75 cents or 1.22% at $60.56.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 280.97

OFFER                      Rs 281.17

Open-market movement

In the open market, the PKR gained 9 paise for buying and 5 paise for selling against USD, closing at 281.52 and 282.00, respectively.

Against Euro, the PKR lost 1.03 rupee for buying and 65 paise for selling, closing at 328.27 and 331.40, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and lost 1 paisa for selling, closing at 76.81 and 77.59, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 75.08 and 75.67, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 281.52

OFFER                      Rs 282.00