RECORDER REPORT
KARACHI: Pakistani rupee declined further against the US dollar, depreciating 0.09% in the inter-bank market on Monday.
At close, the currency settled at 284.72, a loss of Re0.26.
During the previous week, rupee depreciated against the US dollar in the inter-bank market as it lost Re0.49 or 0.17%.
The local unit closed at 284.46, against 283.97 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Globally, the euro fell to a three-week low early on Monday while the Mexican peso also came under pressure after US President Donald Trump threatened to impose a 30% tariff on imports from two of the largest US trading partners beginning August 1.
Trump on Saturday announced the latest tariffs in separate letters to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum that were posted on his Truth Social media site.
Both the European Union and Mexico described the tariffs as unfair and disruptive, while the EU said it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement.
Reaction in the currency market to Trump’s latest tariff threats was largely muted in Asian trade, though the euro did slip to a roughly three-week low early in the session.
The single currency later regained some ground and last traded 0.12% lower at $1.1679.
Against the Mexican peso, the US dollar rose 0.25% to 18.6699.
Elsewhere, however, the US dollar made limited gains, with sterling down just 0.07% at $1.3481, while the Japanese yen rose 0.1% to 147.28 per dollar.
Investors have grown increasingly desensitised to Trump’s slew of tariff threats, with his latest upheaval in the global trade landscape doing little to prevent US stocks from scaling record highs and offering just a slight boost to the US dollar.
Oil prices, a key indicator of currency parity, rose on Monday to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while more oil imports by China also offered support along with signs of tighter supply.
Brent crude futures rose 89 cents, or 1.3%, to $71.25 a barrel by 1114 GMT, while U.S. West Texas Intermediate crude futures climbed 93 cents, or 1.4%, to $69.38.
Open-market movement
In the open market, the PKR lost 20 paise for buying and 14 paise for selling against USD, closing at 286.55 and 287.64, respectively.
Against Euro, the PKR gained 17 paise for buying and 21 paise for selling, closing at 335.51 and 338.44, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 6 paise for selling, closing at 78.24 and 78.97, respectively.
Against Saudi Riyal, the PKR lost 4 paise for both buying and selling, closing at 76.47 and 77.02, respectively.
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Open Bid Rs 286.55
Open Offer Rs 287.64
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday
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Open Bid Rs 284.72
Open Offer Rs 284.91
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RUPEE IN LAHORE: The Pak rupee remained stable against the US dollar while gaining impressively against the British pound at the weekend closing.
According to local market sources, the Pak rupee closed at Rs 287.25 and Rs 287.65 against the US dollar compared to the previous closing of Rs 287.00 and Rs 287.50, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 387.50 and Rs 390.00 against the previous closing of Rs 390.00 and Rs 394.00 respectively.
Copyright Business Recorder, 2025
