Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.
At close, the local currency settled at 279.27, a gain of Re0.03 against the greenback.
On Monday, the local unit closed at 279.30.
Meanwhile, the US dollar drifted on Tuesday as traders weighed developments in the Iran war, while the Australian dollar eased slightly ahead of an expected rate hike from the country’s central bank later in the day.
The euro was 0.12% lower at $1.1492 in Asian trading, while sterling was also down 0.1% at $1.33, pulling back the sharp gains from the previous session.
The dollar index was little changed at 99.913.
Sentiment turned jittery again after several American allies rebuffed US President Donald Trump’s request to send warships to escort oil tankers through the Strait of Hormuz, casting fresh doubts on hopes that energy exports can begin to normalise soon.
Surging oil prices due to the US and Israel’s war on Iran have made investors more worried about inflation, triggering a sharp repricing of rates outlooks across the globe.
That has lifted the US dollar against most currencies.
Oil prices rose by more than 1% on Tuesday, recovering some of the previous session’s losses as Iranian attacks on the United Arab Emirates rekindled supply fears while the Strait of Hormuz remains largely shut.
Brent crude futures gained $1.73, or 1.7%, to $101.94 a barrel by 1315 GMT while U.S. West Texas Intermediate (WTI) crude advanced by $1.23, or 1.3%, to $94.73.
In the previous session, Brent lost 2.8% while U.S. WTI fell by 5.3% after some vessels sailed through the critical Strait of Hormuz waterway.
Inter-bank market rates for dollar on Tuesday
BID Rs 279.27
OFFER Rs 279.47
Open-market movement
In the open market, the PKR gained 6 paise for buying and 3 paise for selling against USD, closing at 279.38 and 280.33, respectively.
Against Euro, the PKR lost 1.39 rupee for buying and 1.04 rupee for selling, closing at 319.89 and 323.67, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and lost 3 paise for selling, closing at 75.75 and 76.78, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and lost 1 paisa for selling, closing at 73.85 and 74.84, respectively.
Open-market rates for dollar on Tuesday
BID Rs 279.38
OFFER Rs 280.33
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