Rupee records marginal decline against US dollar

Rupee's Performance Against US Dollar Since 23 Jan 2025

The Pakistani rupee saw marginal decline against the US dollar, depreciating 0.02% in the inter-bank market on Tuesday.

At close, the currency settled at 280.42, a fall of Re0.05 against the greenback.

On Monday, the rupee had closed at 280.37.

Internationally, the US dollar hit a three-week high on the yen early on Tuesday and was firm across the board after some strong US services data and cautious optimism on the tariff front.

President Donald Trump said not all of his threatened levies would be imposed on April 2 and some countries may get breaks, which helped the US dollar and the mood on Wall Street overnight by soothing some fears about a slowdown in US growth.

The US dollar jumped 0.9%, pulling above 150 yen, then rose a little further in the Asia morning to a three-week high of 150.92 yen.

The US dollar also hit its strongest since March 6 at $1.0781 per euro, as a powerful rally in the common currency loses steam.

It was last trading at $1.0796, while sterling hit a two-week low of $1.2883 before steadying at $1.2918 in Asia trade.

The US dollar index notched a fourth straight session of gains to settle at 104.3.

Oil prices, a key indicator of currency parity, rose on Tuesday for a fifth day on concerns global supply will tighten after the US announced tariffs on countries that buy Venezuelan crude.

Brent crude futures were up 27 cents to $73.27 a barrel by 0749 GMT.

US West Texas Intermediate crude climbed 26 cents to $69.37.

Both benchmarks gained more than 1% in the previous session after US President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 280.42

OFFER                      Rs 280.62

Open-market movement

In the open market, the PKR gained 16 paise for buying and lost 2 paise for selling against USD, closing at 279.67 and 282.04, respectively.

Against Euro, the PKR gained 1.02 rupee for buying and 78 paisa for selling, closing at 301.38 and 304.54, respectively.

Against UAE Dirham, the PKR gained 10 paise for buying and 22 paise for selling, closing at 76.01 and 76.56, respectively.

Against Saudi Riyal, the PKR gained 12 paise for buying and 27 paise for selling, closing at 74.37 and 74.98, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 279.67

OFFER                      Rs 282.04