RECORDER REPORT
KARACHI: The Pakistani rupee saw slight decline against the US dollar, depreciating 0.06% in the inter-bank market on Tuesday.
At close, the currency settled at 280.73, a loss of Re0.16 against the US dollar.
On Monday, the currency settled at 280.57.
Internationally, the safe havens yen and Swiss franc held near six-month highs on Tuesday while the US dollar nursed broad losses as financial markets grappled with mounting recession worries in the wake of President Donald Trump’s sweeping tariffs.
The currency markets were fragile but eerily calm in Asian trade after a volatile 24-hour period where the dollar reversed heavy losses against the safe haven currencies as traders took stock of the risk of a rapidly escalating trade war.
In currencies, investors have flocked to the Japanese yen and Swiss franc in the past week, seeking shelter from the market turmoil in traditional safe havens.
The yen was last slightly stronger at 147.325 per US dollar, near the six-month high of 144.82 touched on Friday. The Swiss franc last fetched 0.85665 per US dollar, also near a six-month high touched in the previous session.
While the dollar is typically known as a safe-haven asset, that status seems to be eroding as uncertainty over tariffs and concern over their impact on U.S. growth intensify.
Investors are wagering that the rising risk of an economic downturn could lead to a cut in U.S. interest rates as early as May and with more easing priced in this year, that would erode the dollar’s yield advantage.
The dollar index, which measures the US currencies against six other units, was 0.44% lower on Tuesday. The index is down over 1% since the tariffs were announced last week.
Oil prices, a key indicator of currency parity, steadied on Tuesday but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflict between the United States and China, the world’s two biggest economies.
Brent futures were up 13 cents, or 0.2%, at $64.34 a barrel at 0913 GMT.
US West Texas Intermediate crude futures rose 18 cents, or 0.3%, to $60.88.
The two benchmarks had slumped by 14% and 15% respectively on Monday after US President Donald Trump’s April 2 announcement of “reciprocal tariffs” on all imports.
Open-market movement
In the open market, the PKR gained 1 paisa for buying and remained unchanged for selling against USD, closing at 279.74 and 281.96, respectively.
Against Euro, the PKR gained 77 paise for buying and 48 paise for selling, closing at 305.25 and 308.61, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 76.03 and 76.72, respectively.
Against Saudi Riyal, the PKR gained 4 paise for both buying and selling, closing at 74.25 and 74.92, respectively.
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Open Bid Rs 279.74
Open Offer Rs 281.96
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
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Open Bid Rs 280.72
Open Offer Rs 280.92
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RUPEE IN LAHORE: The Pak witnessed a strong outlook against both the US dollar and the British pound.
According to local market sources, the Pak rupee closed at Rs 279.50 and Rs 281.75 against the US dollar compared to the previous closing of Rs 280.00 and Rs 282.00, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 356.00 and Rs 359.50 against the previous closing of Rs 359.00 and Rs 362.50, respectively.
Copyright Business Recorder, 2025
