Pakistani rupee registers gain against US dollar
- Settles at 277.86 against the greenback
The Pakistani Rupee gained marginally against the US Dollar, closing at 277.86, as the US dollar weakened globally amid de-escalation in the US-Iran conflict.
- Pakistani Rupee's marginal gain against the US Dollar.
- Global weakening of the US Dollar and falling oil prices.
- State Bank of Pakistan's unchanged policy rate.
The Pakistani rupee extended its marginal gains against the US dollar on Monday.
The local unit closed the day at 277.86, a gain of Re0.01 against the greenback.
On Friday, the Pakistani rupee settled at 277.87 against the dollar.
The State Bank of Pakistan (SBP) Monetary Policy Committee (MPC), in its first meeting in the fiscal year 2026-27, decided to keep the policy rate unchanged at 11.5%.
Internationally, the dollar slumped against its major peers at the start of Asian trading on Monday after the US paused its bombing campaign in Iran during the weekend, prompting a drop in oil prices and boosting global investor confidence.
Against the yen, the US dollar was down 0.2% at 163.585 yen, its biggest decline since July 10.
The euro was up 0.2% at $1.1397, while the British pound rose by a similar magnitude to $1.3353.
The dollar index, which measures the greenback against a basket of six currencies, slipped 0.25% to 101.23 at the start of a week packed with central bank meetings, including that of the Federal Reserve.
Oil prices hovered around a one-week low on Monday after the US and Iran paused strikes over the weekend following two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
Brent crude futures fell $5.85, or around 6%, to $90.93 a barrel by 1309 GMT. They fell as low as 9.5% earlier in the session to $87.55 a barrel.
Inter-bank market rates for dollar on Monday
BID Rs 277.86
OFFER Rs 278.06
Open-market movement
In the open market, the PKR lost 12 paise for buying and 5 paise for selling against USD, closing at 278.89 and 279.87, respectively.
Against Euro, the PKR lost 91 paise for buying and 90 paise for selling, closing at 319.79 and 322.67, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 1 paisa for selling, closing at 76.37 and 76.95, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and 5 paise for selling, closing at 74.71 and 75.29, respectively.
Open-market rates for dollar on Monday
BID Rs 278.89
OFFER Rs 279.87
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