Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its upward trend against the US dollar, appreciating 0.02% in the inter-bank market on Tuesday.
At close, the rupee settled at 281.96, a gain of Re0.06. This is rupee’s eighth successive gain agaisnt the greenback.
On Monday, the local unit had closed the session at 282.02.
Globally, the US dollar held steady against its major peers on Tuesday as global markets awaited the outcome of a White House summit with European nations that could determine the next phase of the war in Ukraine.
The dollar index rose 0.31% to 98.122 with geopolitical events taking centre stage, after US President Donald Trump told President Volodymyr Zelenskiy on Monday that the United States would help guarantee Ukraine’s security in any deal to end the war with Russia.
The euro held steady at $1.1667 , up 0.06% so far in Asia, shuffling along the midpoint of the trading range it has sat in for the past two weeks.
Markets are seeking direction this week from the Federal Reserve’s annual symposium in Jackson Hole on the likely path of interest rates.
Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank’s policy framework.
Oil prices, a key indicator of currency parity, fell on Tuesday as traders assessed the possibility that talks between Russia, Ukraine and the U.S. to end the war in Ukraine could lead to the lifting of sanctions on Russian crude, raising supply.
Brent crude futures were down 85 cents, or 1.3%, at $65.75 a barrel at 1315 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were down 95 cents, or 1.5%, at $62.47 per barrel.
The more active October WTI contract was down 63 cents, or 1%, at $62.07 a barrel.
Inter-bank market rates for dollar on Tuesday
BID Rs 281.96
OFFER Rs 282.10
Open-market movement
In the open market, the PKR lost 32 paise for buying and gained 10 paise for selling against USD, closing at 283.77 and 284.40, respectively.
Against Euro, the PKR gained 11 paise for buying and 54 paise for selling, closing at 330.30 and 331.98, respectively.
Against UAE Dirham, the PKR lost 4 paise for buying and gained 5 paise for selling, closing at 77.22 and 77.40, respectively.
Against Saudi Riyal, the PKR lost 8 paise for buying and remained unchanged for selling, closing at 75.50 and 75.70, respectively.
Open-market rates for dollar on Tuesday
BID Rs 283.77
OFFER Rs 284.40
