Rupee registers gain against US dollar
- Settles at 278.22 against greenback
The Pakistani rupee posted a marginal gain against the US dollar, closing at 278.22, while the dollar firmed globally amid US-Iran tensions and other major currencies weakened.
- Pakistani rupee's marginal gain against the US dollar.
- Global dollar strength and US-Iran peace deal uncertainty.
- Performance of other major currencies and crude oil prices.
PKR vs USD Exchange Rate USD / PKR
The Pakistani rupee posted marginal gain, appreciating 0.01% against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 278.22, a gain of Re0.03 against the greenback.
On Friday, the local unit closed at 278.25.
Meanwhile, the dollar was firm on Monday as uncertainty clouded a tentative US-Iran peace deal following threats from President Donald Trump to restart the war in the Middle East and Tehran’s announcement it had closed the Strait of Hormuz.
The pound was 0.24% weaker at $1.32055, while the euro softened 0.1% to $1.1462. The Australian dollar was last down 0.19% at $0.70035, while the New Zealand dollar last bought $0.573.
The Japanese yen slipped to 161.53 per dollar, hovering near a two-year low reached last week. A break beyond 161.96 would take the yen to its weakest level since 1986.
Oil prices dropped on Monday after US Vice President JD Vance said progress had been made in talks with Iran and that the Strait of Hormuz was open.
High-ranking US and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The discussions began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days.
Brent crude was down $1.74, or 2.16%, at $78.83 a barrel by 1304 GMT. Prices had climbed to $82.30 at the start of trading because of threats from U.S. President Donald Trump to restart the war on Iran, as well as an announcement from Tehran that it had again closed the Strait of Hormuz.
Inter-bank market rates for dollar on Monday
BID Rs 278.22
OFFER Rs 278.42
Open-market movement
In the open market, the PKR gained 12 paise for buying and 8 paise for selling against USD, closing at 278.67 and 279.46, respectively.
Against Euro, the PKR gained 36 paise for buying and 26 paise for selling, closing at 319.37 and 322.88, respectively.
Against UAE Dirham, the PKR gained 7 paisa for buying and 5 paise for selling, closing at 75.92 and 76.55, respectively.
Against Saudi Riyal, the PKR gained 6 paise for buying and 2 paise for selling, closing at 74.28 and 74.87, respectively.
Open-market rates for dollar on Monday
BID Rs 278.67
OFFER Rs 279.46
Comments