Pakistan rupee records gain against US dollar
- Settles at 277.55 against greenback
The Pakistani Rupee made marginal gains against the US Dollar, closing at 277.55, while the US Dollar wavered near multi-month lows amidst global currency fluctuations.
- Pakistani Rupee's marginal gains against the US Dollar.
- US Dollar's wavering performance and multi-month lows.
- Global currency movements and oil price fluctuations.
- Inter-bank and open-market exchange rates for PKR.
The Pakistani rupee extended its marginal gains against the US dollar on Monday.
The local unit closed the day at 277.55, a gain of Re0.01 against the greenback.
On Friday, the Pakistani rupee settled at 277.56 against the dollar.
Furthermore, a wavering dollar teetered near multi-month lows on Monday in a market unsettled by the US Treasury’s promise to buy back more long bonds.
The Canadian dollar slipped 0.2% in early trade, to C$1.3798 per dollar, after trade talks with the US collapsed and Washington imposed 50% tariffs on Canadian goods, with Canada retaliating in kind.
The Australian and New Zealand dollars traded just shy of three-month highs at $0.7171 and $0.5979 respectively.
The euro was comfortably above $1.16 at $1.1685 while the yen kept to the strong side of 159 per dollar.
The dollar logged its largest weekly drop against bitcoin in nearly three-and-a-half years on Sunday and it’s been sliding sharply on gold over revived fears the currency will suffer if the US tries to hold down yields.
Oil prices slipped more than $1 a barrel on Monday as investors took profits after recent gains and awaited details of expected new US sanctions on Iran, which could further disrupt supplies from the Middle East.
Brent crude futures were down $1.01, or 1.1%, to $93.38 at 1316 GMT, while US West Texas Intermediate crude was at $85.64 a barrel, down $1.42, or 1.6%.
Inter-bank market rates for dollar on Monday
BID Rs 277.55
OFFER Rs 277.75
Open-market movement
In the open market, the PKR remained unchanged for buying and gained 3 paise selling against USD, closing at 278.26 and 279.25, respectively.
Against Euro, the PKR gained 46 paise for both buying and selling, closing at 323.15 and 326.26, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 3 paise for selling, closing at 75.58 and 76.25, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and remained unchanged for selling, closing at 73.88 and 74.47, respectively.
Open-market rates for dollar on Monday
BID Rs 278.26
OFFER Rs 279.25
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