Pakistan rupee records gain against US dollar
- Settles at 277.52
The Pakistani rupee appreciated marginally against the US dollar, closing at 277.52, while the US dollar struggled globally amid Iran sanctions and Treasury yield concerns.
- Pakistani rupee's marginal appreciation against the dollar.
- US dollar's global performance and Iran sanctions.
- Movements of other major currencies and oil prices.
The Pakistani rupee extended its marginal gains, appreciating 0.01%, against the US dollar on Tuesday.
The local unit closed the day at 277.52, a gain of Re0.03 against the greenback.
On Monday, the Pakistani rupee settled at 277.55 against the dollar.
Meanwhile, the US dollar struggled to hold onto gains against major peers on Tuesday, as investors parsed Washington’s expanded Iran-related sanctions and renewed efforts to ease pressure on longer-dated Treasury yields.
The euro was a shade higher at $1.1668, hovering near a three-month peak hit last week, while sterling was 0.1% stronger at $1.3639, near its six-month peak.
The Japanese yen strengthened a tad to 159.21 per US dollar, having given back most of its intervention gains but still well off a multi-decade low of about 164.
The dollar index, which measures the U.S. currency against six major peers, was down marginally at 98.96 in Asian trades.
It climbed 0.16% overnight, lifting it from three-month lows amid a revived debasement trade, but appeared to be struggling to sustain the momentum.
Furthermore, oil prices recovered ground on Tuesday after settling down more than 2% in the previous session, with investors assessing the impact of the latest US sanctions against Iran.
Oil prices fell about 4% to a one-week low on Tuesday as traders shrugged off the latest US sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation.
Brent crude futures were down $3.83, or 4.2%, to $88.34 a barrel by 11:44am EDT, while US West Texas Intermediate crude futures fell $3.34, or 3.9%, to $81.67.
Inter-bank market rates for dollar on Tuesday
BID Rs 277.52
OFFER Rs 277.72
Open-market movement
In the open market, the PKR remained gained 1 paisa for buying and 7 paise selling against USD, closing at 278.25 and 279.18, respectively.
Against Euro, the PKR gained 16 paise for buying and 47 paise for selling, closing at 322.99 and 325.79, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 75.60 and 76.25, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 73.88 and 74.46, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.25
OFFER Rs 279.18