Pakistan rupee registers 8th successive gain against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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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, slipped in early Asian trade on Tuesday as market participants contemplated planned three-way talks among Russia, Ukraine and the US to end the war in Ukraine, which could lead to an end to sanctions on Russian crude.

Brent crude futures fell 7 cents, or 0.11%, to $66.53 a barrel by 0000 GMT. US West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, fell 6 cents, or 0.09%, to $63.36 per barrel.

The more active October WTI contract was down 9 cents, or 0.14%, at $62.61 a barrel.