Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee appreciated against the US dollar in the inter-bank market on Tuesday.
At close, the local currency settled at 278.46, a gain of Re0.01 against the greenback.
On Monday, the local unit closed at 278.47.
Internationally, the US dollar steadied on Tuesday as markets took a wait-and-see approach to Middle East peace talks, with Lebanon announcing a limited ceasefire between Hezbollah and Israel, although broader geopolitical uncertainties kept traders on edge.
Investors have treated any progress toward ending the Iran conflict with caution, given the fragility of a US–Iran ceasefire struck in early April.
The dollar index, which measures the currency against six peers, eased from earlier gains after the Lebanon announcement on Monday. While the agreement signalled a degree of de-escalation, it remains limited against the backdrop of a wider regional conflict that has disrupted oil flows through the Strait of Hormuz.
The dollar index was flat at 99.17, while the euro was 0.03% higher at $1.1634 and sterling gained 0.07% to $1.346.
The greenback had rallied at the onset of the conflict, which began on February 28, buoyed by safe-haven demand and the US economy’s relatively limited exposure to energy-driven inflation. However, it has given back some of those gains due to uncertainty surrounding the conflict’s trajectory.
Oil prices, a key indicator of currency parity, dropped on Tuesday, paring the previous session’s sharp gains, as Iran reviewed a proposed agreement with the United States to halt the war between the two countries, Iran’s Mehr News reported.
Brent crude futures were down $0.69, or 0.7%, to $94.29 a barrel at 1307 GMT, while U.S. West Texas Intermediate fell $0.82, or 0.9%, to $91.34 a barrel.
Having fallen more than 16% in May on hopes of a peace deal, Brent and WTI on Monday rose over 3% and 5%, respectively.
US President Donald Trump said on Monday that negotiations with Iran were continuing and there would be a deal to extend the ceasefire and reopen the Strait of Hormuz over the next week.
Inter-bank market rates for dollar on Tuesday
BID Rs 278.46
OFFER Rs 278.66
Open-market movement
In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 278.65 and 279.52, respectively.
Against Euro, the PKR gained 33 paise for buying and 22 paise for selling, closing at 322.44 and 325.86, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 7 paise for selling, closing at 75.60 and 76.41, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and 4 paise for selling, closing at 73.84 and 74.63, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.65
OFFER Rs 279.52
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