Rupee remains largely stable against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Tuesday.

At close, the currency settled at 284.97, a loss of Re0.02.

On Monday, the currency settled at 284.95.

Globally, the US dollar traded in a tight range on Tuesday after a brief fall at the start of the week, as investors watched out for any progress on trade talks ahead of an August 1 deadline for countries to strike deals with the US or face steep tariffs.

The yen mostly held to gains from the previous session following results from a weekend upper house election in Japan that proved no worse than what had already been priced in, as focus now turns to how quickly Tokyo can strike a trade deal with Washington and Prime Minister Shigeru Ishiba’s future at the helm.

The Japanese currency was last a touch weaker at 147.65 in early Asia trade, after rising 1% on Monday in the wake of the election outcome.

With just slightly over a week to go before an August 1 deadline on tariffs, US Treasury Secretary Scott Bessent said on Monday that the administration is more concerned with the quality of trade agreements than their timing.

Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said President Donald Trump would make that decision.

Against a basket of currencies, the US dollar rose slightly to 97.94, after having fallen 0.6% on Monday.

Oil prices, a key indicator of currency parity, declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity.

Brent crude futures were down 53 cents, or 0.8%, to $68.68 a barrel at 1219 GMT. U.S. West Texas Intermediate crude was at $66.57 a barrel, down 63 cents, or 0.9%.

The August WTI contract expires on Tuesday and the more active September contract was down 52 cents, or 0.8%, to $65.43 a barrel.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 284.97

OFFER                      Rs 285.17

Open-market movement

In the open market, the PKR lost 12 paise for buying and remained unchanged for selling against USD, closing at 287.39 and 288.60, respectively.

Against Euro, the PKR lost 89 paise for buying and 1.14 rupee for selling, closing at 335.90 and 339.00, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and 3 paise for selling, closing at 78.39 and 79.10, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for buying and 3 paise for selling, closing at 76.66 and 77.27, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 287.39

OFFER                      Rs 288.60