Rupee gains further ground against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee strengthened against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.

At close, the currency settled at 281.32, a gain of Re0.03 against the greenback.

On Monday, the local unit closed at 281.35.

Internationally, the US dollar was on the back foot on Tuesday in cautious trading as investors braced for a possible US government shutdown that would halt economic data releases, including the crucial jobs report later this week.

Government funding will expire at midnight on Tuesday unless Republicans and Democrats agree to a last-minute temporary spending deal, with President Donald Trump and his opponents making little progress at a White House meeting.

The payrolls report, crucial for decision-making by policymakers at the Federal Reserve, is scheduled for Friday, and a delay could leave the central bank flying blind on the labour market.

Federal Reserve Bank of New York President John Williams said on Monday that emerging signs of weakness in the labor market drove his support for cutting interest rates at the most recent central bank meeting.

Traders are currently pricing in 42 basis points of Fed easing by December and a total of 104 basis points by the end of 2026, about 25 bps less than levels seen in mid-September.

That could put the dollar in a vulnerable position in the near term, with the broader US currency index, which has dropped 9.7% this year, easing a bit to 97.948 in early Asian hours.

Oil prices, a key indicator of currency parity, fell on Tuesday ahead of another anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq’s Kurdistan region via Turkey reinforced market expectations of a supply surplus.

Brent crude futures for November delivery, expiring on Tuesday, fell 84 cents, or 1.2%, to $67.13 a barrel by 0809 GMT.

US West Texas Intermediate crude was trading at $62.68 a barrel, down 77 cents, or 1.2%.

The drops extend Monday’s falls when both Brent and WTI settled more than 3% lower after their sharpest daily declines since August 1.