Rupee gains further against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee maintained its upward momentum against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.

At close, the currency settled at 282.42, a gain of Re0.03.

On Monday, rupee closed at 282.45.

Internationally, the US dollar held steady on Tuesday, with markets braced for a key consumer inflation report later in the day that could shape expectations for Federal Reserve interest rate cuts.

The Australian dollar was steady hours before a policy decision by the Reserve Bank of Australia.

The US dollar index – which measures the currency against six counterparts, including the euro and yen – was steady at 98.497 as of 0046 GMT, after advancing 0.5% over the past two sessions.

Prior to that, the dollar had retreated as US President Donald Trump’s dovish-leaning pick to replace a Fed governor, and similarly inclined potential candidates for chairman, led traders to increase easing bets.

In addition, Fed officials have sounded increasingly uneasy about the labour market, signalling their as soon as September.

Cooling inflation could cement bets for a reduction next month, but if signs emerge that Trump’s tariffs are fuelling price pressures, that might keep the central bank on hold for now.

Traders currently put the odds of a quarter-point cut on September 17 at about 89%.
The greenback rose 0.1% to 148.28 yen on Tuesday. The euro was flat at $1.1615.

Oil prices, a key indicator of currency parity, were little changed on Tuesday after the United States and China extended a pause on higher tariffs and data showed a rise in U.S. inflation in July.

Brent crude futures lost 36 cents, or 0.54%, to $66.27 a barrel by 1240 GMT. U.S. West Texas Intermediate crude futures eased by 45 cents, or 0.7%, to $63.51. U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season.

This raised hopes that an agreement could be reached between the world’s two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 282.42

OFFER                      Rs 282.61

Open-market movement

In the open market, the PKR gained 6 paise for buying and remained unchanged for selling against USD, closing at 283.80 and 284.90, respectively.

Against Euro, the PKR gained 1.10 rupee for buying and 1.05 rupee for selling, closing at 328.95 and 331.10, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 77.28 and 77.55, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and gained 3 paise for selling, closing at 75.53 and 75.85, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 283.80

OFFER                      Rs 284.90