Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its upward momentum against the US dollar, appreciating 0.01% in the inter-bank market on Monday.
At close, the currency settled at 282.45, a gain of Re0.02.
During the previous week, the rupee gained further against the US dollar in the inter-bank market as it appreciated by Re0.25 or 0.09%.
The local unit closed at 282.47, against 282.72 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar stabilised on Monday after last week’s losses, as markets await Tuesday’s key US CPI report for July and focus on developments in trade talks between Washington and Beijing ahead of a deadline to avoid the imposition of higher tariffs.
The dollar index was flat at 98.25 after a 0.4% decline last week.
Against the yen, the dollar was unchanged at 147.685 yen, with Japanese markets closed for the Mountain Day holiday.
Trade talks were in focus as Trump’s August 12 deadline for a deal between the US and China loomed, particularly around chip policy.
With the US and China seeking to close a deal that would avoid imposing triple-digit tariffs on each other’s goods, the Financial Times reported on Sunday that chip manufacturers Nvidia and AMD agreed to allocate 15% of their revenues from sales in China to the US government under an arrangement to obtain export licences for the semiconductors.
The report follows a warning that Nvidia’s H20 chips pose security concerns for China, a social media account affiliated with the country’s state media said on Sunday.
Oil prices, a key indicator of currency parity, edged higher on Monday, after falling more than 4% last week, as investors looked ahead to talks between the U.S. and Russia later this week on the war in Ukraine.
Brent crude futures were up 36 cents, or 0.54%, to $66.95 a barrel at 1202 GMT, while U.S. West Texas Intermediate crude futures were up 34 cents, or 0.53%, to $64.22.
U.S. President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.
Inter-bank market rates for dollar on Monday
BID Rs 282.45
OFFER Rs 282.65
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 283.86 and 284.90, respectively.
Against Euro, the PKR gained 5 paise for both buying and selling, closing at 330.05 and 332.15, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and lost 5 paise for selling, closing at 77.28 and 77.60, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 5 paisa for selling, closing at 75.53 and 75.88, respectively.
Open-market rates for dollar on Monday
BID Rs 283.86
OFFER Rs 284.90
Comments
Comments are closed for this article.