RECORDER REPORT
KARACHI: Pakistani rupee registered slight gain against the US dollar, appreciating 0.02% in the inter-bank market on Tuesday.
At close, the currency settled at 284.67, a gain of Re0.05. On Monday, the currency settled at 284.72.
Globally, the US dollar hovered near a three-week high versus major peers on Tuesday as traders awaited the release of US inflation data later in the day that could provide clues on the path for monetary policy.
The US currency was also buoyed by elevated Treasury yields, with investors weighing a potential exit of Jerome Powell from the Federal Reserve as President Donald Trump continued his criticism of the central bank chairman.
Currencies showed little reaction to data showing China’s economy grew 5.2% last quarter, slightly topping analysts’ forecasts.
Bitcoin drifted further from Monday’s all-time peak of $123,153.22 following a seven-day, 14% surge as investors bet on long-sought legislative policy wins for the cryptocurrency industry this week. It was changed hands at around $118,215 as of 0240 GMT.
The US dollar was little changed at 147.68 yen, after earlier rising to the highest since June 23 at 147.89 yen.
The dollar index, which tracks the currency against the yen and five other major rivals, stood at 98.050, not far below the overnight peak of 98.136, the highest since June 25.
Oil prices, a key indicator of currency parity, were little changed on Tuesday after US President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.
Brent crude futures were up a marginal 3 cents at $69.24 a barrel by 1313 GMT. US West Texas Intermediate crude futures were down 7 cents at $66.90.
Open-market
movement
In the open market, the PKR lost 24 paise for buying and 36 paise for selling against USD, closing at 286.79 and 288.00, respectively.
Against Euro, the PKR lost 10 paise for buying and gained 16 paise for selling, closing at 335.61 and 338.28, respectively.
Against UAE Dirham, the PKR lost 12 paise for buying and 9 paise for selling, closing at 78.36 and 79.06, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for both buying and selling, closing at 76.48 and 77.03, respectively.
