Rupee registers marginal improvement against US dollar

Rupee's Performance Against US Dollar Since 16 Jan 2025

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

At close, the currency settled at 279.95, a gain of Re0.12 against the greenback.

On Monday, the rupee had closed at 280.07.

The last time the rupee closed below 280 against the US dollar was in January 2024.

Internationally, the yen was investors’ safe harbour of choice on Tuesday and it traded near five-month highs as fears about a tariff-driven slowdown in US growth have rattled US stocks and the US dollar.

The yen touched a five-month peak of 146.625 per US dollar and was last trading at 146.85.

The overnight drop in the risk-sensitive Australian dollar was a modest 0.4% and it last bought $0.6272.

Sterling was holding on above its 200-day moving average at $1.2875 and the euro was steady just above $1.08.

There were falls in the Canadian dollar and Mexican peso - the economies whose exports are to bear the brunt of U.S. tariffs - but they were modest.

The Canadian dollar was last steady around C$1.44 per dollar and the peso was at 20.34 per dollar.

China’s yuan was steady at 7.26 per dollar in early offshore trade on Tuesday.

The dollar index, however, had already notched its largest weekly drop in more than two years last week as selling tracked a fall in US bond yields and the euro leapt on German plans to reform a brake on borrowing.

Oil prices, a key indicator of currency parity, fell for a second day on Tuesday, as concerns mounted over a potential US recession, the impact of tariffs on global growth and as OPEC+ sets its sights on ramping up supply.

Brent futures fell 6 cents, or 0.1%, to $69.22 a barrel at 0402 GMT, while US West Texas Intermediate crude futures lost 13 cents, or 0.2%, to $65.90 a barrel.

US President Donald Trump’s protectionist policies have roiled markets across the world, with Trump imposing and then delaying tariffs on his country’s biggest oil suppliers, Canada and Mexico, while also raising duties on Chinese goods.

Inter-bank market rates for dollar on Tuesday

BID                            Rs279.95

OFFER                      Rs280.15

Open-market movement

In the open market, the PKR lost 18 paise for buying and 1 paisa for selling against USD, closing at 279.46 and 281.50, respectively.

Against Euro, the PKR lost 1.42 rupee for buying and 97 paise for selling, closing at 303.52 and 306.23, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 76.12 and 76.69, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 74.50 and 75.00, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs279.46

OFFER                      Rs281.50