Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee declined further against the US dollar, depreciating 0.04% in the inter-bank market on Tuesday.
At close, the local currency settled at 282.17, a loss of Re0.11 against the greenback.
On Monday, the Pakistani rupee closed the day at 282.06.
Internationally, the US dollar struggled to regain its footing Tuesday as investor concerns over a sweeping tax and spending bill and its implications for the US debt profile continued to undermine sentiment towards US assets.
Global stock markets and the euro gained on Monday while the United States was on holiday, after US President Donald Trump delayed the imposition of tariffs on Europe.
Attention now turns to debate in the US Senate on Trump’s tax-cut bill that is expected to add to the debt pile in the world’s largest economy.
Markets have been sensitive to Trump’s proposal, particularly after Moody’s downgrade of the US sovereign credit rating on May 16.
Investor confidence in US assets has been undermined in recent months in the wake of the US president’s erratic global tariff policies.
In the latest example, Trump backed down from threatened 50% duties on European Union shipments from June 1, sending the euro rallying to a one-month high.
The single currency could become a viable alternative to the dollar if governments can strengthen the bloc’s financial and security architecture, European Central Bank President Christine Lagarde said on Monday.
The dollar dropped 0.3% to 142.35 yen.
The dollar index, which tracks the greenback against other major trading partners, slid 0.1%, down for a third-straight session.
Oil prices, a key indicator of currency parity, were little changed on Tuesday on increasing expectations that members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week.
Brent crude futures were up 11 cents, or 0.2%, at $64.85 a barrel by 0640 GMT, while US West Texas Intermediate (WTI) crude rose 6 cents, or 0.1%, to $61.59 a barrel.
Inter-bank market rates for dollar on Tuesday
BID Rs 282.17
OFFER Rs 282.37
Open-market movement
In the open market, the PKR lost 4 paise for buying and 11 paise for selling against USD, closing at 283.05 and 284.40, respectively.
Against Euro, the PKR gained 1.10 rupee for buying and 69 paise for selling, closing at 321.04 and 324.30, respectively.
Against UAE Dirham, the PKR gained 6 paise for buying and lost 5 paise for selling, closing at 77.08 and 77.60, respectively.
Against Saudi Riyal, the PKR gained 10 paise for buying and lost 4 paise for selling, closing at 75.35 and 75.89, respectively.
Open-market rates for dollar on Tuesday
BID Rs 283.05
OFFER Rs 284.40
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