Rupee registers improvement against US dollar
- Currency settles at 280.87 against the greenback
Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.
At close, the currency settled at 280.87, a gain of Re0.03 against the greenback.
On Monday, the local unit closed at 280.90.
Globally, the US dollar was steady on Tuesday, hovering near a three-month high as a divided Federal Reserve spurred traders to rein in interest rate cut wagers. At the same time, investors awaited an Australian policy meeting where the central bank is likely to stand pat.
The yen was softer at 154.38 per US dollar in early Asian hours, just shy of the eight-and-a-half-month low it touched last week, leading to some jawboning from Tokyo and stoking intervention jitters.
Fed officials continued pressing competing views of where the economy stands and the risks facing it in the absence of economic data suspended due to the federal government shutdown.
The Fed cut rates last week, but Chair Jerome Powell suggested that might be the last cut of the year.
Traders are now pricing in a 65% chance of a rate cut in December, compared with 94% a week earlier, CME FedWatch showed.
That shift in near-term expectations has boosted the dollar.
The dollar index, which measures the US currency against six other units, was 0.1% higher at 99.99, at a three-month high.
Oil prices, a key indicator of currency parity, fell more than 1% on Tuesday as the OPEC+ decision to pause output hikes in the first quarter of next year, along with weak manufacturing data and a stronger dollar, weighed on the market.
Brent crude futures fell 81 cents, or 1.25%, to $64.08 a barrel by 1310 GMT. US West Texas Intermediate crude was down 84 cents, or 1.38%, at $60.21.
Inter-bank market rates for dollar on Tuesday
BID Rs 280.87
OFFER Rs 281.07
Open-market movement
In the open market, the PKR gained 3 paise for buying and 5 paise for selling against USD, closing at 281.40 and 281.90, respectively.
Against Euro, the PKR gained 54 paise for buying and 65 paise for selling, closing at 323.39 and 326.86, respectively.
Against UAE Dirham, the PKR gained 3 paise for buying and 5 paise for selling, closing at 76.67 and 77.50, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and 2 paise for selling, closing at 74.96 and 75.58, respectively.
Open-market rates for dollar on Tuesday
BID Rs 281.40
OFFER Rs 281.90
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