Rupee depreciates marginally, settles at 280.25 against US dollar
- Falls Re0.01 in inter-bank market on Tuesday
The rupee fell marginally against the US dollar on Tuesday, depreciating Re0.01 in the inter-bank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 280.25 against the greenback. The minor fall, however, brings an end to its appreciation run that lasted nine sessions.
On Monday, the rupee had gained for the ninth successive session. It settled at 280.24 to the US dollar, according to the SBP.
Internationally, the dollar rose on Tuesday as investors pared back bets on near-term rate-cuts by the US Federal Reserve following hawkish comments from European Central Bank officials, while worries of more attacks on ships in the Red Sea weighed on risk sentiment.
Against a basket of currencies, the dollar rose 0.253% to 102.90, after having gained 0.2% overnight in subdued trading during a US public holiday on Monday.
Meanwhile, oil prices, a key indicator of currency parity, were mixed on Tuesday, after losses in the previous session, as markets weighed broad economic concerns against weather-related US demand-supply issues and continued tensions in the Middle East that led to more tanker diversions.
Brent crude futures rose 5 cents, or about 0.06%, to $78.20 a barrel at 0334 GMT.
Inter-bank market rates for dollar on Tuesday
BID Rs 280.25
OFFER Rs 280.45
Open-market movement
In the open market, the PKR gained 23.00 paisa for buying and 33.00 paisa for selling against USD, closing at 278.56 and 280.92, respectively.
Against Euro, the PKR gained 1.62 rupee for buying and 1.62 rupee for selling, closing at 303.00 and 305.96, respectively.
Against UAE Dirham, the PKR gained 6.00 paisa for buying and 4.00 paisa for selling, closing at 75.94 and 76.69, respectively.
Against Saudi Riyal, the PKR gained 7.00 paisa for buying and 7.00 paisa for selling, closing at 74.18 and 74.87, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.56
OFFER Rs 280.92
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