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 279.06, a gain of Re0.01, against the greenback.
On Monday, the local unit closed at 279.07.
Moreover, the dollar stood just shy of recent highs on Tuesday as traders counted down to a U.S.-imposed deadline for Iran to reopen the Strait of Hormuz to shipping or face attacks on its infrastructure.
The yen slipped to 159.80 to the dollar, not far from multi-decade troughs and levels that drew intervention in 2024.
The U.S. dollar index edged 0.05% up at 100.03. It hit 100.64 last week, its highest since May 2025.
The euro was roughly unchanged at $1.1535, while traders priced in three European Central Bank rate hikes by year-end and ECB officials reiterated the central bank could act to tame inflation.
Oil prices climbed on Tuesday and U.S. crude was on track for its highest close since 2022 ahead of a deadline set by U.S. President Donald Trump for Iran to open the Strait of Hormuz or face attacks on power plants and other infrastructure.
Brent futures rose 63 cents, or 0.6%, to $110.40 a barrel at 10:41 a.m. EDT (1441 GMT), while U.S. West Texas Intermediate (WTI) crude rose $3.95, or 3.5%, to $116.36.
Inter-bank market rates for dollar on Tuesday
BID Rs 279.06
OFFER Rs 279.26
Open-market movement
In the open market, the PKR lost 12 paise for buying and remained unchanged for selling against USD, closing at 279.43 and 280.13, respectively.
Against Euro, the PKR lost 57 paise for buying and 38 paise for selling, closing at 321.85 and 324.80, respectively.
Against UAE Dirham, the PKR lost 5 paise for buying and 1 paisa for selling, closing at 76.02 and 76.87, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and 2 paise for selling, closing at 74.32 and 75.07, respectively.
Open-market rates for dollar on Tuesday
BID Rs 279.43
OFFER Rs 280.13
Comments