RECORDER REPORT
KARACHI: The Pakistani rupee strengthened against the US dollar, appreciating 0.08% during trading in the inter-bank market on Monday.
At close, the currency settled at 283.21, a gain of Re0.24.
During the previous week, the rupee gained 0.50% against the US dollar, which was the highest in the last 93 weeks, AKD Securities Limited said in a report. The local unit closed at 283.45, against 284.87.
Internationally, the euro gained on Monday following the announcement of a framework trade agreement between the United States and the European Union, the latest in a flurry of deals to avert a global trade war.
Meeting in Scotland on Sunday, US President Donald Trump and European Commission President Ursula von der Leyen announced the deal, which will result in a 15% tariff on EU goods, half what Trump had threatened to impose from August 1.
Senior US and Chinese negotiators are due to meet in Stockholm on Monday to extend a trade truce and prevent steep tariff hikes. Meanwhile, investor attention is shifting towards corporate earnings and central bank meetings in the US and Japan.
The euro stood at $1.1763, up 0.2% so far in Asia. The common currency rose 0.2% to 173.78 yen.
Trump said the EU plans to invest some $600 billion in the US and dramatically increase its purchases of American energy and military equipment.
The US dollar advanced on Friday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts.
Both the Fed and the Bank of Japan are expected to hold rates steady at this week’s policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next moves.
The dollar index, which tracks the greenback against major peers, fell 0.1% to 97.534.
Oil prices, a key indicator of currency parity, rose on Monday after the US reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand.
Brent crude futures inched up 22 cents, or 0.32%, to $68.66 a barrel by 0035 GMT while US West Texas Intermediate crude was at $65.38 a barrel, up 22 cents, or 0.34%.
Open-market movement
In the open market, the PKR gained 1.14 rupee for buying and 25 paise for selling against USD, closing at 284.32 and 286.30, respectively.
Against Euro, the PKR gained 1.23 rupee for buying and 9 paise for selling, closing at 333.02 and 336.27, respectively.
Against UAE Dirham, the PKR gained 17 paise for buying and 10 paise for selling, closing at 77.36 and 77.90, respectively.
Against Saudi Riyal, the PKR gained 5 paise for both buying and selling, closing at 75.70 and 76.25, respectively.
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Open Bid Rs 284.32
Open Offer Rs 286.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday
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Open Bid Rs 283.21
Open Offer Rs 283.41
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RUPEE IN LAHORE: The Pakistani rupee registered a stable outlook against the US dollar and the British pound at a fresh trading week.
According to local market sources, the Pakistani rupee closed at Rs 285.50 and Rs 286.30 against the US dollar compared to the previous closing of Rs 285.50 and Rs 286.55, respectively.
However, regarding the British pound, the Pakistani rupee closed at Rs 382.00 and Rs 384.70 against the previous closing of Rs 381.30 and Rs 384.95, respectively.
Copyright Business Recorder, 2025
