Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Tuesday.
At close, the local currency settled at 279.15, a gain of Re0.01, against the greenback.
On Monday, the local unit closed at 279.16.
Meanwhile, the US dollar headed for its biggest monthly gain since July on Tuesday and stands out as the strongest so-called safe asset as war in the Mideast has set oil prices surging and raised the risk of global recession.
Overnight, the dollar extended gains widely, save for against the yen where renewed threats of intervention from Tokyo have traders wary of selling the yen too far past 160 per dollar.
The US dollar index touched its highest since last May on Monday at 100.61 and is up 2.9% through March, its sharpest monthly rise since last July.
Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, as investors weighed the likelihood of U.S. President Donald Trump ending the Iran war against supply shocks from a prolonged closure of the Strait of Hormuz.
Brent crude futures for May were up $5.31, or 4.71%, at $118.09 per barrel at 1326 GMT. Front-month Brent futures were on track for an all-time monthly gain of 63%, according to LSEG data stretching to June 1988. U.S. benchmark West Texas Intermediate has gained 54%, the biggest jump since May 2020.
Inter-bank market rates for dollar on Tuesday
BID Rs 279.15
OFFER Rs 279.35
Open-market movement
In the open market, the PKR lost 4.00 paisa for buying and remained unchanged for selling against USD, closing at 279.48 and 280.22, respectively.
Against Euro, the PKR gained 84 paise for buying and 96 paise for selling, closing at 319.17 and 322.67, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 1 paisa for selling, closing at 75.93 and 76.86, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 74.20 and 75.00, respectively.
Open-market rates for dollar on Tuesday
BID Rs 279.48
OFFER Rs 280.22
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