Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee saw slight improvement against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.
At close, the currency settled at 280.57, a gain of Re0.03 against the US dollar.
On Monday, the currency settled at 280.60.
Internationally, the US dollar was steady on Tuesday but stayed close to the three-year low against the euro and a six-month trough against the yen it hit last week as investors struggled to make sense of the back-and-forth changes on US tariffs.
Still, currency markets were a lot calmer in early Asian hours after last week’s turmoil that badly bruised the dollar despite a surge in Treasury yields, highlighting the shaky investor confidence in the greenback and US assets.
The US dollar was 0.27% higher at 143.53 yen but remained close to the six-month low of 142.05 it touched on Friday.
Market focus has been on the ever-shifting tariff headlines with the US removing smartphones and other electronics from its duties on China over the weekend providing some relief, although comments from President Donald Trump suggested the reprieve is likely to be for a short time.
Trump’s imposition and then abrupt postponement of tariffs on goods imported to the US has sowed confusion, adding to the uncertainty for investors and policymakers around the world.
Traders are pricing in 86 basis points of cuts from the Fed for the rest of the year, LSEG data showed.
The dollar index, which measures the US currency against six other units, was at 99.864, not far from the three-year low it touched last week.
The index is down over 4% this month, set for its biggest monthly drop since November 2022.
Oil prices, a key indicator of currency parity, inched higher on Tuesday, supported by new tariff exemptions floated by US President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.
Brent crude futures gained 12 cents, or 0.2%, to $65 per barrel by 0350 GMT, while US West Texas Intermediate crude was up 13 cents, or 0.2%, to $61.66.
Inter-bank market rates for dollar on Tuesday
BID Rs 280.56
OFFER Rs 280.76
Open-market movement
In the open market, the PKR lost 1 paisa for buying and 3 paise for selling against USD, closing at 280.21 and 282.09, respectively.
Against Euro, the PKR gained 1.11 rupee for buying and 98 paise for selling, closing at 316.80 and 320.10, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 76.21 and 76.96, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 74.46 and 75.16, respectively.
Open-market rates for dollar on Tuesday
BID Rs 280.21
OFFER Rs 282.09
