Rupee remains stable against US dollar

The Pakistani rupee remained largely unchanged against the US dollar in the inter-bank market on Tuesday .

At close, the rupee settled at 279.67, a loss of Re0.01 against the greenback.

The rupee had closed at 279.66 on Monday.

Internationally, the US dollar rose on Tuesday after falling to its lowest in more than two months at the start of the week, buoyed by safe-haven flows after US President Donald Trump said tariffs on Mexico and Canada would proceed as planned.

The stronger US dollar in turn left the euro off a one-month high at $1.0461, with future gains in the single currency likely to hinge on how soon a coalition government can be formed in Germany following the election victory of the country’s conservatives.

Trump on Monday said that tariffs on Canadian and Mexican imports are “on time and on schedule” despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline.

Many had hoped the top two US trading partners could persuade Trump’s administration to further delay tariffs that would apply to over $918 billion worth of U.S. imports from the two countries, from autos to energy.

His comments spurred a rush to safety assets like gold and U.S. Treasuries, with the dollar also a beneficiary of some of those risk-off moves.

Oil prices, a key indicator of currency parity, were steady on Tuesday, after a bump the previous day when fresh US sanctions imposed on Iran increased concerns that supply might tighten, as global refining margins remained strong.

Brent crude futures were down 5 cents to $74.73 a barrel by 1046 GMT. US West Texas Intermediate crude futures were up 2 cents to $70.72 a barrel. Both contracts gained in Monday’s session after a $2 drop last Friday.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 279.67

OFFER                      Rs 279.87

Open-market movement

In the open market, the PKR lost 13 paise for buying and 7 paise for selling against USD, closing at 279.15 and 281.27, respectively.

Against Euro, the PKR gained 56 paise for buying and 73 paise for selling, closing at 291.87 and 294.80, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and 2 paise for selling, closing at 76.04 and 76.61, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 74.31 and 74.85, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 279.15

OFFER                      Rs 281.27