Rupee registers marginal gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Tuesday.

At close, the local currency settled at 281.06, up by Re0.01 against the US dollar, according to the State Bank of Pakistan (SBP).

The local unit closed at 281.07 on Monday.

Globally, the Japanese yen held steady on Tuesday, ahead of a parliament vote in Japan later in the day that is almost certain to see hardline conservative Sanae Takaichi become the country’s first female prime minister.

Currencies were mostly rangebound in the early Asian session, with the dollar little changed as an ongoing US government shutdown left investors flying blind on data ahead of next week’s Federal Reserve meeting.

The yen was last 0.1% stronger at 150.61 per US dollar, having fallen slightly in the previous session as investors anticipated that Takaichi’s likely premiership - following the backing of the right-wing opposition party Ishin - could boost government spending and muddy the outlook for the Bank of Japan’s (BOJ) rate-hike path.

Elsewhere, sterling last bought $1.3408, while the euro rose 0.08% to $1.1651, helped slightly by easing political uncertainty in France.

The US dollar index was little changed at 98.55, while the Australian dollar rose 0.13% to $0.6521.

Oil prices, a key indicator of currency parity, rose slightly on Tuesday in choppy trading, as investors focused on expectations the market is likely to become oversupplied and sought clarity on the trade dispute between the US and China, the world’s two biggest oil consumers.

Brent crude futures rose 23 cents, or 0.4%, to $61.24 a barrel at 11:38 a.m. ET (1538 GMT). The US West Texas Intermediate crude contract for November delivery , set to expire on Tuesday, was up 22 cents, or also 0.4%, to $57.74.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 281.06

OFFER                      Rs 281.26

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 281.57 and 282.10, respectively.

Against Euro, the PKR gained 1.21 rupee for buying and 84 paise for selling, closing at 326.95 and 330.66, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and 2 paisa for selling, closing at 76.79 and 77.55, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 75.05 and 75.65, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 281.57

OFFER                      Rs 282.10