Pakistani rupee records gain against US dollar
- Settles at 277.95
The Pakistani rupee strengthened against the US dollar, closing at 277.95. This occurred as the dollar advanced globally amid rising geopolitical tensions and surging oil prices.
- Pakistani rupee's gain against the US dollar.
- Global dollar strength amid geopolitical tensions.
- Significant jump in international oil prices.
The Pakistani rupee extended its gains against the US dollar on Monday.
The local unit closed the day at 277.95, a gain of Re0.01 against the greenback.
On Friday, the Pakistani rupee settled at 277.96 against the greenback.
The dollar made a modest advance against most of its global peers at the start of Asian trading on Monday.
The US dollar climbed 0.1% to 162.48 yen, the greenback’s strongest level since July 9, as geopolitical tensions rose and investors sought safe-haven assets.
The euro was down 0.1% at $1.1426, while the British pound was level at $1.3445. The Australian dollar slipped 0.1% to $0.6975, while the New Zealand dollar declined 0.2% to $0.5833.
Oil prices were steady on Monday, pulling back from earlier highs as price pressure from hopes of renewed US-Iran negotiations was countered by Yemen’s Houthis declaring a naval blockade against Saudi Arabia.
Benchmark prices had earlier touched more than one-month highs on concern over disruption to shipments through the Strait of Hormuz. The Middle East conflict escalated over the weekend, with the U.S. conducting a ninth straight night of attacks against Iran while US allies Kuwait and Bahrain reported more Iranian strikes.
Brent crude futures were down 6 cents, or around 0.1%, at $88.04 a barrel by 1321 GMT after hitting $91.42 for their highest since June 11. US West Texas Intermediate crude was down 2 cents, or 0.2%, at $82.29 after touching its highest level since June 12 at $85.39.
Inter-bank market rates for dollar on Monday
BID Rs 277.95
OFFER Rs 278.15
Open-market movement
In the open market, the PKR gained 2 paise for buying and remained unchanged for selling against USD, closing at 278.84 and 279.68, respectively.
Against Euro, the PKR lost 24 paise for buying and 21 paise for selling, closing at 320.15 and 323.06, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 76.24 and 76.78, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 74.59 and 75.08, respectively.
Open-market rates for dollar on Monday
BID Rs 278.84
OFFER Rs 279.68
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