Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered an improvement against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.
At close, the currency settled at 281.22, a gain of Re0.03 against the greenback.
On Monday, the local unit closed at 281.25.
Internationally, the Japanese yen weakened to a two-month low against the US dollar on Tuesday as attention in Japan turned to who may join the cabinet of fiscal dove Sanae Takaichi after her party leadership victory.
Takaichi was considered to be the most dovish among the five candidates in Japan’s Liberal Democratic Party race on Saturday to replace hawkish Prime Minister Shigeru Ishiba.
The euro remained on a fragile footing following the resignation of France’s prime minister, and European Central Bank officials said a rate cut may be necessary.
Traders will be on watch for speeches from Federal Reserve policymakers later in the day as a US government shutdown squelches other data signals.
The dollar index, which measures the greenback against a basket of currencies, added 0.05% to 98.17.
The euro was little changed at $1.1705.
The White House on Monday backed off President Donald Trump’s assertion that government employees were already being laid off due to the shutdown, but warned job losses could result as the standoff looked set to stretch into a seventh day.
Market attention is now focused on the Fed itself for signs of the timing and extent of more easing.
The Fed is widely expected to cut rates by 25 basis points at its October 28-29 meeting, following data that showed a weakening labour market.
Oil prices, a key indicator of currency parity, fell on Tuesday as investors considered a smaller than expected increase to OPEC+ output in November against signs of a potential supply glut.
Brent crude futures were down 18 cents, or 0.27%, to $65.29 a barrel at 11:47 am EDT (1547 GMT). US West Texas Intermediate crude was down 13 cents, or 0.21%, to $61.56.
Inter-bank market rates for dollar on Tuesday
BID Rs 281.22
OFFER Rs 281.41
Open-market movement
In the open market, the PKR gained 4 paise for buying and 5 paise for selling against USD, closing at 281.81 and 282.25, respectively.
Against Euro, the PKR gained 16 paise for buying and 39 paise for selling, closing at 329.05 and 332.47, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 3 paise for selling, closing at 76.77 and 77.47, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and gained 2 paise for selling, closing at 75.05 and 75.63, respectively.
Open-market rates for dollar on Tuesday
BID Rs 281.81
OFFER Rs 282.25
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