Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Tuesday.
At close, the local currency settled at 278.81, a gain of Re0.01 against the greenback.
On Monday, the local unit closed at 278.82.
Internationally, the Japanese yen steadied in the Asian morning on Tuesday ahead of the Bank of Japan’s latest policy decision, the first in a busy week for major central banks, including the Federal Reserve, as the Iran war loomed large over policymakers and markets.
The yen was flat against the dollar at 159.49 yen, with the BOJ widely expected to keep interest rates on hold at 0.75% later in the day.
Central banks in the US, the euro zone, the UK and Canada are among those that will deliver rate decisions later this week.
The Federal Open Market Committee meets on Wednesday and is expected to keep rates on hold, in what is likely to be chair Jerome Powell’s last meeting after Republican Senator Thom Tillis dropped his block on Kevin Warsh’s confirmation process on Sunday.
The Senate Banking Committee is also expected to advance Warsh’s nomination as Federal Reserve Chair to the full Senate, with a vote now set for 10 am EDT (1400 GMT) on Wednesday.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, snapped a two-day losing streak with a 0.1% rise on Tuesday to 98.448.
Most other currencies were unchanged as markets looked for any signs of progress to end the Iran war.
Globally, oil prices rose more than 3% on Tuesday as stalled efforts to end the Iran war kept the Strait of Hormuz largely closed, constraining Middle East supplies, though the UAE’s announcement that it would leave OPEC and OPEC+ trimmed gains.
Brent crude futures for June climbed $3.37, or 3.1%, to $111.60 a barrel by 1336 GMT, after gaining 2.8% to close the previous session at their highest since April 7. The contract is up for a seventh straight day.
Inter-bank market rates for dollar on Tuesday
BID Rs 278.81
OFFER Rs 279.01
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 279.27 and 280.09, respectively.
Against Euro, the PKR gained 61 paise for buying and 47 paise for selling, closing at 326.53 and 329.79, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 76.07 and 76.87, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and 2 paise for selling, closing at 74.35 and 75.10, respectively.
Open-market rates for dollar on Tuesday
BID Rs 279.27
OFFER Rs 280.09
Comments