Rupee registers gain against US dollar

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

At close, the local currency settled at 280.01, a gain of Re0.01 against the greenback.

During the previous week, the Pakistan rupee posted a marginal gain for another week as it appreciated by Re0.09 or 0.03% against the US dollar in the inter-bank market. The local unit closed at 280.02, against 280.11 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

Internationally, the US dollar retreated from its strongest in a month early on Monday, as US prosecutors opened a criminal investigation into Federal Reserve Chair Jerome Powell, adding to tensions with the Trump administration.

The dollar index, which measures the greenback’s strength against a basket of six currencies, was last 0.3% lower at 98.899, snapping a five-day winning streak.

The dollar had advanced in early Asian trading after Friday’s jobs report bolstered expectations the Federal Reserve will hold interest rates later this month, while reports of hundreds of deaths during protests in Iran heightened geopolitical tensions and stoked demand for safe havens.

Financial markets are preparing for a busy data calendar this week, with Tuesday’s release of the US consumer price index for December providing one of the last key economic releases before the Federal Reserve’s next monetary policy meeting at the end of January.

Oil prices, a key indicator of currency parity, fell slightly on Monday after Iran said it had total control following the biggest anti-government demonstrations in years, easing some concerns over supply, while investors also weighed efforts to resume oil exports from Venezuela.

Brent crude futures lost 28 cents, or 0.44%, to $63.06 a barrel by 1402 GMT while U.S. West Texas Intermediate crude was at $58.78 a barrel, down 34 cents, or 0.58%.

Both benchmarks rose more than 3% last week in their biggest such rise since October, as OPEC producer Iran’s clerical establishment stepped up its crackdown on the biggest demonstrations since 2022.

Inter-bank market rates for dollar on Monday

BID                            Rs 280.01

OFFER                      Rs 280.21

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 280.40 and 281.05, respectively.

Against Euro, the PKR lost 34.00 paisa for buying and 25.00 paisa for selling, closing at 327.02 and 330.07, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and lost 3.00 paisa for selling, closing at 76.49 and 77.25, respectively.

Against Saudi Riyal, the PKR gained 1.00 paisa for both buying and selling, closing at 74.81 and 75.39, respectively.

Open-market rates for dollar on Monday

BID Rs 280.40

OFFER Rs 281.05