Pakistan rupee extends gain against US dollar
- Currency settles at 276.80 greenback
The Pakistani rupee marginally gained against the US dollar, closing at 276.80. This occurred amidst a steady dollar index, driven by a tech rebound and a weaker euro.
- Global dollar index performance and tech-led rebound.
- Euro's weakness impacting the dollar's strength.
- Oil price trends influencing currency parity.
The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Tuesday.
The local unit closed the day at 276.80, a gain of Re0.01 against the greenback.
On Monday, the rupee had closed at 276.81 against the dollar.
Internationally, the dollar index held steady near a one-week high on Tuesday at 102.04 as a tech-led rebound on Wall Street revived appetite for risk, while investors await megacap earnings and the US midterm elections.
Risk appetite returned overnight after Anthropic’s IPO filing and Meta’s $95 billion equity plan rekindled the artificial intelligence trade.
The dollar was also underpinned by a weaker euro, which fell to a near two-week low against the greenback as worries over France’s fiscal health piled pressure on the single currency. The euro last fetched $1.1165, down about 1.4% this month.
The Japanese yen eased against the US dollar on Tuesday, further eroding last week’s safe-haven gains, underpinned by a risk-on mood and a weaker euro ahead of key central bank meetings this week that will influence the global rates outlook.
Australian and New Zealand dollars flatlined as investors braced for major event risks in both countries that will set the outlook for interest rates in coming months.The Aussie idled at $0.7020, having eased 0.2% overnight after faltering at $0.7040 resistance. Support lies around $0.7005 and $0.6895.
Oil prices, a key indicator of currency parity, rose slightly on Tuesday as investors awaited the outcome of diplomatic talks in Tehran, while renewed Houthi attacks on Saudi Arabia highlighted persistent risks.
Brent crude futures were up 45 cents, or 0.39%, at $116.26 a barrel by 0918 GMT, while US West Texas Intermediate crude was up 40 cents, or 0.39%, at $102.16.
Inter-bank market rates for dollar on Tuesday
BID Rs 276.80
OFFER Rs 277.00
Open-market movement
In the open market, the PKR gained 2 paise for buying and 14 paise for selling against USD, closing at 277.55 and 278.68, respectively.
Against Euro, the PKR gained 1.29 rupees for buying and 1.15 rupees for selling, closing at 309.22 and 312.27, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 75.60 and 76.18, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 73.95 and 74.47, respectively.
Open-market rates for dollar on Tuesday
BID Rs 277.55
OFFER Rs 278.68
Comments