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Markets

Rupee registers marginal gain against US dollar

  • Currency settles at 278.50 against greenback in inter-bank market
Published June 25, 2024

The Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.04% in the inter-bank market on Tuesday.

At close, the local unit settled at 278.50, a gain of Re0.12 against the greenback.

On Monday, the rupee had closed at 278.62 after a fall of Re0.11.

In recent weeks, the domestic currency has largely been around 277-279 against the dollar as Pakistan moves forward with its plan to win a longer and larger International Monetary Fund (IMF) bailout programme.

Globally, the US dollar edged a touch higher in the broader market.

The dollar was last 0.04% higher at 159.64 yen, just a whisker away from the 160 level that prompted a 9.79 trillion yen ($61.33 billion) currency intervention from Tokyo in late April and early May.

In the broader market, the dollar was on the front foot ahead of Friday’s release of the US personal consumption expenditures (PCE) price index - the Federal Reserve’s preferred measure of inflation. Sterling edged 0.01% lower to $1.2683, while the Australian dollar fell 0.02% to $0.6655.

Against a basket of currencies, the dollar steadied at 105.49.

Oil prices, a key indicator of currency parity, were little changed on Tuesday after rising in the previous session helped by expectations of increased fuel demand this summer, but investors were cautious ahead of US consumer price data.

Brent futures for August settlement eased 5 cents to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while US crude futures were down 3 cents at $81.60 a barrel after climbing 1.1% a day earlier.

Both benchmarks rose about 3% last week, marking two straight weeks of gains. Gasoline demand is rising and oil and fuel stockpiles have declined as the US, the world’s biggest oil consumer, enters the peak summer consumption period.

Inter-bank market rates for dollar on Tuesday

BID Rs 278.50

OFFER Rs 278.70

Open-market movement

In the open market, the PKR gained 4 paise for buying and 5 paise for selling against USD, closing at 277.66 and 280.27, respectively.

Against Euro, the PKR lost 1.19 rupee for buying and 1.23 rupee for selling, closing at 295.44 and 298.35, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.10 and 75.83, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 73.09 and 73.80, respectively.

Open-market rates for dollar on Tuesday

BID Rs 277.66

OFFER Rs 280.27

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