Rupee sees marginal decline against US dollar

The Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Tuesday.

At close, the currency settled at 277.93, a loss of Re0.07 against the greenback.

On Monday, the rupee had settled at 277.86, according to the State Bank of Pakistan (SBP).

Internationally, the US dollar traded close to a four-month peak versus major peers on Tuesday, while bitcoin extended its record rally as investors continued to pile into trades seen as benefiting from the incoming Donald Trump administration.

The euro languished near an almost seven-month trough reached overnight, while the yuan wallowed close to a more than three-month low with Europe and China both particular targets of potential Trump tariffs.

The US dollar index, which measures the currency against six peers including the euro, rose 0.07% to 105.49 as of 0037 GMT, after reaching 105.70 on Monday for the first time since July 3.

Leading cryptocurrency bitcoin pushed to a new all-time high of $89,637 on Tuesday. Trump has vowed to make the United States “the crypto capital of the planet”.

Oil prices, a key indicator of currency parity, were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, with investor disappointment over China’s latest stimulus plan and oversupply concerns keeping buying interest at bay.

Brent crude futures rose 4 cents to $71.87 a barrel, by 0745 GMT.

US West Texas Intermediate crude futures were down one cent at $68.03 a barrel.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 277.93

OFFER                      Rs 278.13

Open-market movement

In the open market, the PKR gained 1 paise for buying and lost 6 paise for selling against USD, closing at 276.94 and 278.83, respectively.

Against Euro, the PKR gained 1.05 rupee for buying and 1.19 rupee for selling, closing at 293.50 and 296.26, respectively.

Against UAE Dirham, the PKR lost 3 paise for buying and 2 paise for selling, closing at 75.27 and 75.97, respectively.

Against Saudi Riyal, the PKR lost 4 paise for both buying and selling, closing at 73.52 and 74.16, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 276.94

OFFER                      Rs 278.83