Pakistani rupee records 28th successive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating marginally in the inter-bank market on Tuesday.

At close, the rupee settled at 281.51, a gain of Re0.01 against the greenback. This was the rupee’s 28th successive gain against the greenback.

On Monday, the local unit closed at 281.52.

Globally, the US dollar traded near a 2-1/2 month low against the euro and close to a 10-month trough versus the risk-sensitive Aussie on Tuesday as investors cemented bets for a Federal Reserve interest rate cut this week and more to follow.

The greenback traded just shy of a more than two-month low against the British pound, with US President Donald Trump renewing calls for aggressive monetary easing.

Markets see a rate reduction of at least 25 basis points on Wednesday as a certainty, with a small chance of a super-sized 50 basis-point cut.

A total of 67 basis points of reduction is seen over the rest of this year, rising to 81 basis points by the end of January.

Trump in a social media post on Monday called on Powell to enact a “bigger” cut to benchmark interest rates in a social media post, pointing to the housing market.

Rapidly softening labour market data has been the key driver of the ramp-up in easing bets in recent weeks, resulting in a lower dollar and bond yields while pushing up equity prices, with Wall Street setting new records on Monday.

Oil prices, a key indicator of currency parity, rose on Tuesday as markets weighed a potential disruption of supplies from Russia due to Ukrainian drone attacks on its ports and refineries as well as the prospect of a U.S. central bank interest rate cut.

Brent crude futures were up 67 cents, or 1%, to $68.11 a barrel at 1318 GMT, while U.S. West Texas Intermediate crude was at $64.12, up 82 cents, or 1.3%. On Monday, Brent settled up 45 cents at $67.44, while WTI settled 61 cents higher at $63.30.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 281.51

OFFER                      Rs 281.71

Open-market movement

In the open market, the PKR lost 8 paise for buying and remained unchanged for selling against USD, closing at 282.03 and 282.55, respectively.

Against Euro, the PKR lost 82 paise for buying and 97 paise for selling, closing at 332.35 and 335.77, respectively.

Against UAE Dirham, the PKR gained 4 paise for buying and 1 paisa for selling, closing at 77.23 and 78.07, respectively.

Against Saudi Riyal, the PKR gained 7 paise for buying and 4 paise for selling, closing at 75.31 and 75.97, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 282.03

OFFER                      Rs 282.55