Rupee registers marginal gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

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

At close, the currency settled at 280.77, a gain of Re0.10 against the US dollar.

On Monday, the rupee closed the day at 280.87 against the dollar.

The dollar languished near its lowest level in three years on Tuesday as President Donald Trump’s unrelenting attacks on the Federal Reserve chairman further eroded investor confidence in the U.S. economy.

The U.S. currency sagged close to the decade-low reached the previous day against the Swiss franc, and hovered near a 3-1/2-year trough versus the euro.

Trump ramped up his criticism of Fed chief Jerome Powell on Monday in a Truth Social post, calling him a “major loser” and demanding that he lower interest rates “NOW” or risk an economic slowdown.

On Friday, White House economic adviser Kevin Hassett said the president and his team were continuing to study whether they could fire Powell, a day after Trump said Powell’s termination “cannot come fast enough”.

Oil prices, a key indicator of currency parity, climbed in early trade on Tuesday as investors took advantage of the previous day’s losses to cover short positions, although concerns persisted over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand.

Brent crude futures rose 51 cents, or 0.8%, to $66.77 a barrel at 0045 GMT, while U.S. West Texas Intermediate crude was at $63.59 a barrel, up 51 cents, 0.8%.

Both benchmarks dropped more than 2% on Monday on signs of progress in nuclear deal talks between the U.S. and Iran, helping ease supply concerns.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 280.76

OFFER                      Rs 280.96

Open-market movement

In the open market, the PKR remained unchanged for buying and lost 4 paise for selling against USD, closing at 280.60 and 282.37, respectively.

Against Euro, the PKR gained 79 paise for buying and 81 paise for selling, closing at 321.86 and 325.13, respectively.

Against UAE Dirham, the PKR lost 2 paise for buying and 3 paise for selling, closing at 76.43 and 77.15, respectively.

Against Saudi Riyal, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 74.69 and 75.37, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 280.60

OFFER                      Rs 282.37