Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered gain against the US dollar during trading in the inter-bank market on Tuesday.
At close, the local currency settled at 280.00, a gain of Re0.01 against the greenback.
On Monday, the local unit closed at 280.01.
Internationally, the US dollar held to its losses on Tuesday after the Trump administration opened a criminal investigation into Federal Reserve Chair Jerome Powell, a move that threatens the central bank’s independence and faith in US assets.
Investors were still trying to come to grips with news of the probe revealed late on Sunday, a move that drew condemnation from former Fed chiefs and marked a dramatic escalation in the US president’s campaign to pressure the central bank into cutting rates faster.
The market reaction has been to sell the dollar and US Treasuries, while the unease also prompted some investors to seek safety in gold.
However, the selloff was much more measured than the one that followed Trump’s sweeping tariffs last April.
The euro was steady at $1.1663 in early Asia trade, having risen as much as 0.5% in the previous session, while sterling was similarly little changed at $1.3463, holding to Monday’s 0.47% gain.
The Swiss franc drew additional safety bids and was a touch stronger at 0.7974 per dollar, while the dollar index was last at 98.92, having clocked its worst day in three weeks in the previous session.
While the Trump administration’s latest move has done little to alter market expectations for two more Fed cuts this year, it raises questions about the central bank’s autonomy, a bedrock of U.S. economic policy and a cornerstone of its financial system.
Fitch Ratings said on Monday it views the Fed’s independence as a key supporting factor for its AA+ U.S. sovereign rating.
Oil prices, a key indicator of currency parity, extended gains on Tuesday as heightened concerns surrounding major producer Iran and potential supply disruptions overshadowed the prospect of increased crude supply from Venezuela.
Brent futures jumped $1.24, or 1.9%, to $65.11 a barrel by 1332 GMT, hovering around its highest since mid-November. U.S. West Texas Intermediate crude climbed $1.17, or about 2%, to $60.67.
Inter-bank market rates for dollar on Tuesday
BID Rs 280.00
OFFER Rs 280.20
Open-market movement
In the open market, the PKR lost 2.00 paisa for buying and remained unchanged for selling against USD, closing at 280.42 and 281.05, respectively.
Against Euro, the PKR lost 14.00 paisa for buying and 22.00 paisa for selling, closing at 327.16 and 330.29, respectively.
Against UAE Dirham, the PKR lost 1.00 paisa for buying and gained 2.00 paisa for selling, closing at 76.50 and 77.23, respectively.
Against Saudi Riyal, the PKR lost 2.00 paisa for both buying and selling, closing at 74.83 and 75.41, respectively.
Open-market rates for dollar on Tuesday
BID Rs 280.42
OFFER Rs 281.05
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