RECORDER REPORT
KARACHI: The Pakistani rupee posted marginal gain against the US dollar, appreciating by 0.02% during trading in the inter-bank market on Tuesday.
At close, the local currency settled at 281.02 against the greenback, up by Re0.05 against the previous day close.
On Monday, the rupee had closed the day at 281.07.
The dollar barely recouped its heavy losses on Tuesday as investors were no clearer on whether a de-escalation of the Sino-U.S. trade war was underway with Treasury Secretary Scott Bessent suggesting the onus was on China to start negotiations.
Bessent said in an interview on Monday that it was up to China to de-escalate on tariffs - the latest in a slew of conflicting signals over progress on trade talks between the world’s two largest economies.
While Trump insists there has been progress and that he has spoken with Chinese President Xi Jinping, Beijing has denied such assertions.
Oil prices, a key indicator of currency parity, fell about 2% to a two-week low on Tuesday on expectations OPEC+ will boost output even as U.S. President Donald Trump’s on-again off-again trade tariffs could reduce global economic growth and demand for the fuel.
Brent crude futures fell by $1.41, or 2.1%, to $64.45 per barrel by 11:03 a.m. EDT (1503 GMT), while U.S. West Texas Intermediate crude dropped by $1.36, or 2.2%, to $60.69.
That puts both benchmarks on track for their lowest closes since April 10.
Trump’s push to reshape world trade by imposing tariffs on imports into the U.S. has made it probable that the global economy will slip into recession this year, according to a majority of economists in a Reuters poll.
China, hit with the steepest tariffs, has responded with its own levies against U.S. imports, stoking a trade war between the top two oil-consuming nations. That has prompted analysts to sharply lower their oil demand and price forecasts.
Open-market movement
In the open market, the PKR lost 27 paise for buying and 9 paise for selling against USD, closing at 281.31 and 282.87, respectively.
Against Euro, the PKR lost 1.47 rupee for buying and 97 paise for selling, closing at 319.32 and 321.91, respectively.
Against UAE Dirham, the PKR lost 7 paise for buying and gained 4 paise for selling, closing at 76.59 and 77.20, respectively.
Against Saudi Riyal, the PKR lost 4 paise for buying and 3 paise for selling, closing at 74.98 and 75.63, respectively.
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Open Bid Rs 281.31
Open Offer Rs 282.87
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
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Open Bid Rs 281.02
Open Offer Rs 281.22
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RUPEE IN LAHORE: The Pak rupee remained under pressure against the US dollar while losing heavily against the British pound.
According to local market sources, the Pak rupee closed at Rs 281.00 and Rs 282.90 against the US dollar compared to the previous closing of Rs 280.85 and Rs 282.75, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 375.40 and Rs 379.15 against the previous closing of Rs 373.00 and Rs 376.70, respectively.
Copyright Business Recorder, 2025
