Rupee inches up against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee reported marginal gain against the US dollar in the inter-bank market on Tuesday.

At close, the local currency settled at 280.21, a gain of Re0.01 against the greenback.

On Monday, the local unit closed at 280.22.

Globally, the US dollar remained under pressure, with the euro slightly firmer at $1.1774 and sterling rising to a two-and-a-half-month high at $1.348.

The dollar index, which measures the US currency against six rivals, eased a bit to 98.112 on Tuesday after dropping 0.48% on Monday. The index is on course for a 1.3% decline for the month and a 9.5% drop for the year, its steepest annual fall since 2017.

Strategists at MUFG said the drop for the dollar this year is unlikely to be a one-off with scope for further gains ahead.

Investor focus will shift to US GDP data, due later on Tuesday. The 43-day government shutdown delayed the data and is now outdated, with markets unlikely to be swayed too much by it.

The data will likely confirm what economists call a K-shaped economy in which higher-income households are doing well, while middle- and lower-income households are barely staying afloat.

Oil prices, a key indicator of currency parity, were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers.

Brent crude futures rose 6 cents to $62.13 a barrel by 1221 GMT. US West Texas Intermediate (WTI) crude was up 2 cents at $58.03.

Inter-bank market rates for dollar on Tuesday

BID Rs 280.21

OFFER Rs 280.41

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 280.63 and 281.25, respectively.

Against Euro, the PKR lost 1.57 rupee for buying and 1.53 rupee for selling, closing at 330.11 and 333.13, respectively.

Against UAE Dirham, the PKR lost 1 paisa for both buying and selling, closing at 76.61 and 77.42, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 74.80 and 75.40, respectively.

Open-market rates for dollar on Tuesday

BID Rs 280.63

OFFER Rs 281.25