Rupee gains further ground against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee strengthened against the US dollar, appreciating 0.06% during trading in the inter-bank market on Tuesday.

At close, the currency settled at 283.05, a gain of Re0.16.

On Monday, the currency settled at 283.21.

Globally, the euro struggled to recoup its steep losses on Tuesday as investors sobered up to the fact that terms of the trade deal between the US and the European Union favoured the former and hardly lifted the economic outlook of the bloc.

France, on Monday, called the framework trade agreement a “dark day” for Europe, saying the bloc had caved in to US President Donald Trump with an unbalanced deal that slapped a headline 15% tariff on EU goods.

German Chancellor Friedrich Merz said his economy would suffer “significant” damage due to the agreed tariffs.

The euro slid 1.3% in the previous session, its sharpest one-day percentage fall in over two months, on worries about growth and as euro-area government bond yields fell.

The common currency last traded 0.07% higher at $1.1594.

The dollar held on to gains on Tuesday and knocked sterling to a two-month low of $1.3349. The yen edged marginally higher to 148.49 per dollar.

The dollar index steadied at 98.67.

Oil prices, a key indicator of currency parity, prices edged up on Tuesday on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine.

Brent crude futures were up 22 cents, or 0.3%, at $70.26 a barrel at 1218 GMT, having touched their highest since July 18, while U.S. West Texas Intermediate crude was at $66.98, up 27 cents, or 0.4%.

Both contracts settled more than 2% higher in the previous session.

The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 283.05

OFFER                      Rs 283.25

Open-market movement

In the open market, the PKR gained 32 paise for buying and 30 paise for selling against USD, closing at 284.00 and 286.00, respectively.

Against Euro, the PKR gained 4.10 rupees for buying and 5.00 rupees for selling, closing at 328.92 and 331.27, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 77.36 and 77.85, respectively.

Against Saudi Riyal, the PKR gained 2 paise for buying and 10 paise for selling, closing at 75.68 and 76.15, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 284.00

OFFER                      Rs 286.00