Rupee records gain against US dollar
- Currency settles at 276.65 against greenback
The Pakistani Rupee saw marginal gains against the US Dollar, closing at 276.65. This occurred amidst strong remittances and global currency fluctuations influenced by US inflation data and oil prices.
- Pakistani Rupee's marginal gains against the US Dollar.
- Pakistan's significant remittances in October 2026.
- Global currency movements and US inflation data.
- Impact of falling oil prices on international markets.
The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Tuesday.
The local unit closed the day at 276.65, a gain of Re0.01 against the greenback.
During the previous week, the Pakistani rupee extended its marginal gain against the US dollar, appreciating 0.03% in the inter-bank market. The local unit closed at 276.66 against the greenback, a gain of Re0.09 from 276.75 it had closed at a week earlier, according to State Bank of Pakistan (SBP) data.
Workers’ remittances were recorded at $3.9 billion during October 2026. In terms of growth, remittances increased in October 2026 by 13.8% on year-on-year basis and 8.5% on month-on-month basis.
Internationally, the US dollar found support following a bumpy few days and held firm in Tuesday’s Asia session while traders waited for US inflation data, which could push it higher if it bolsters rate hike bets.
A tumble in oil prices and gains overnight for stocks had knocked the dollar lower as investors rotated back into riskier assets.
The trade and sentiment-sensitive Australian dollar rose by nearly 1% through Monday to sit at $0.6921 early on Tuesday and the New Zealand dollar rose even further to trade at $0.5624, with both steady in morning Asia trade.
The euro jumped 0.7% overnight to $1.1220, reversing a Friday fall when strong US jobs data lifted the dollar and interest rate expectations, and putting the euro/dollar pair roughly into the middle of a range it has held for a month.
The market is long dollars, and the dollar index has gained this year as early expectations for US interest rate cuts quickly turned to bets on hikes after the US-Israeli war on Iran drove up energy prices and fuelled inflation.
A blowout October jobs report on Friday, with hiring more than twice forecasts, has markets pricing an 85% chance of a Federal Reserve rate increase next month.
Oil prices, a key indicator of currency parity, extended losses from the previous session on Tuesday after US President Donald Trump downplayed the need for additional military action against Iran, easing fears of sustained Middle East supply disruptions, with prospects of oversupply also in focus.
Brent crude futures were down $2.92, or 3.15%, at $89.65 a barrel by 1334 GMT. US West Texas Intermediate (WTI) futures fell $2.33, or 2.68%, to $84.52.
Inter-bank market rates for dollar on Tuesday
BID Rs 276.65
OFFER Rs 276.85
Open-market movement
In the open market, the PKR gained 1 paisa for buying and 3 paise for selling against USD, closing at 277.30 and 278.44, respectively.
Against Euro, the PKR lost 95 paise for buying and 68 paise for selling, closing at 310.58 and 313.45, respectively.
Against UAE Dirham, the PKR gained 1 paisa for both buying and selling, closing at 75.53 and 76.12, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and lost 1 paisa for selling, closing at 73.84 and 74.41, respectively.
Open-market rates for dollar on Tuesday
BID Rs 277.30
OFFER Rs 278.44
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