Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee reported marginal gain against the US dollar in the inter-bank market on Tuesday.
At close, the local currency settled at 280.15, a gain of Re0.01 against the greenback.
On Monday, the local unit closed at 280.16.
Globally, the US dollar was steady on Tuesday ahead of the Federal Reserve’s release of its December minutes report, which is expected to reveal divisions inside the central bank about next year’s policy pathway.
Currency markets were mostly tranquil due to holiday-thinned liquidity as traders looked ahead after a dismal year for the US dollar helped push the euro and sterling to their strongest showings since 2017.
The euro was last at $1.177225, on course for a yearly gain of 13.7%, while the pound fetched $1.3509 and was set for an increase of 8% in 2025.
The dollar index, which measures the US currency against rivals, was poised for a 9.6% annual drop, its steepest decline in eight years due to Fed rate-cut bets, shrinking interest rate differentials against other currencies and worries about fiscal deficits and political uncertainty. The index was at 98.033 in early trading, not far from a three-month low.
Investor focus this week will be on the Fed minutes after the central bank cut rates earlier this month, but cautioned that they could remain on hold in the near term. For next year, policymakers are split about where rates should go.
Oil prices, a key indicator of currency parity, were little changed on Tuesday as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
Brent crude futures for February delivery , which expire on Tuesday, were up 24 cents, or 0.39%, at $62.18 a barrel at 1315 GMT. The more active March contract was up 26 cents, or 0.42%, at $61.75.
Inter-bank market rates for dollar on Tuesday
BID Rs 280.15
OFFER Rs 280.35
Open-market movement
In the open market, the PKR gained 7 paise for buying and remained unchanged for selling against USD, closing at 280.55 and 281.20, respectively.
Against Euro, the PKR gained 26 paise for buying and 16 paise for selling, closing at 329.59 and 332.70, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and 7 paise for selling, closing at 76.50 and 77.27, respectively.
Against Saudi Riyal, the PKR gained 2 paise for both buying and selling, closing at 74.76 and 75.37, respectively.
Open-market rates for dollar on Tuesday
BID Rs 280.55
OFFER Rs 281.20
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