Pakistani rupee inches up against US dollar
- Settles at 278.01
The Pakistani Rupee gained marginally against the US Dollar in the inter-bank market, closing at 278.01. This happened as the dollar steadied globally amid US inflation data and rising oil prices.
- PKR's performance against other major currencies.
- Global dollar stability and US inflation data.
- Rising oil prices and Middle East tensions.
- Federal Reserve's outlook on interest rates.
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Tuesday.
At close, the local currency settled at 278.01, a gain of Re0.01 against the greenback.
On Monday, the rupee closed at 278.02 against the dollar.
The dollar steadied on Tuesday ahead of US inflation data, with Middle East tensions lifting oil prices while the yen held a soft tone amid caution over possible intervention and after policymakers’ comments on state pension fund allocations.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, eased 0.04% to 101.23.
The euro was up against the dollar at $1.1388, and sterling gained 0.07% to $1.3355.
Meanwhile, Federal Reserve Governor Christopher Waller said rates may need to rise “in the near term” if data shows inflation remaining well above the central bank’s 2% target.
Oil prices rose about 2% to a one-month high on Tuesday after the US reimposed a naval blockade on Iran and as renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.
Before the Iran war about 20% of global oil supplies flowed through the strait.
Brent futures rose $1.47, or 1.8%, to $84.77 per barrel at 11:36 am EDT (1536 GMT), while US West Texas Intermediate (WTI) crude rose $1.26, or 1.6%, to $79.40.
Inter-bank market rates for dollar on Tuesday
BID Rs 278.01
OFFER Rs 278.21
Open-market movement
In the open market, the PKR gained 1 paisa for buying and lost 4 paise for selling against USD, closing at 278.87 and 279.68, respectively.
Against Euro, the PKR gained 49 paise for buying and 36 paise for selling, closing at 318.65 and 321.72, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and 4 paise for selling, closing at 76.15 and 76.75, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 74.54 and 75.06, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.87
OFFER Rs 279.68
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