RECORDER REPORT
KARACHI: Pakistani rupee started the week positive, marking its 7th consecutive gain against the US dollar. The local currency appreciated by 0.01 percent in the inter-bank market on Monday.
At close, the rupee settled at 282.02, a gain of Re0.04.
The rupee has maintained a positive trajectory against the greenback in recent days on account of improved sentiment in the currency market amid an ongoing crackdown by law enforcement agencies against illegal currency dealers and smugglers.
During the previous week, the Pakistani rupee continued its merry run against the US dollar in the inter-bank market as it gained Re0.41 or 0.14 percent.
The local unit closed at 282.06, against 282.47 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar dithered on Monday ahead of a key meeting between US President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiyy, while investors also looked ahead to the Federal Reserve’s Jackson Hole symposium for more policy clues.
Currency moves were largely subdued in the early Asia session, though the dollar steadied after last week’s fall as traders further pared back bets of a jumbo Fed cut next month.
The euro was little changed at $1.1705, while sterling edged up 0.07 percent to $1.3557. Against a basket of currencies, the US dollar advanced slightly to 97.85, after losing 0.4 percent last week.
Markets are now pricing in an 84 percent chance the Fed would ease rates by a quarter point next month, down from 98 percent last week, after a raft of data including a jump in US wholesale prices last month and a solid increase in July’s retail sales figures dimmed the prospect of an oversized 50-basis-point cut.
The main event for investors on Monday is a meeting between Trump and Zelenskiy, who will be joined by some European leaders, as Washington presses Ukraine to accept a quick peace deal to end Europe’s deadliest war in 80 years.
Trump is leaning on Zelenskiy to strike an agreement after he met Kremlin chief Vladimir Putin in Alaska and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first.
Oil prices, a key indicator of currency parity, edged up on Monday after White House trade adviser Peter Navarro said India’s purchases of Russian crude were funding Moscow’s war in Ukraine and had to stop.
Traders were also watching for clues from a meeting later in the day between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy as they attempt to reach a peace deal to end Europe’s deadliest war in 80 years.
Brent crude futures rose 20 cents, or 0.3 percent, to $66.05 a barrel by 1208 GMT. U.S. West Texas Intermediate crude was up 28 cents, or 0.45 percent, at $63.08.
Open-market movement
In the open market, the PKR gained 5 paise for both buying and selling against USD, closing at 283.45 and 284.50, respectively.
Against Euro, the PKR lost 29 paise for buying and 21 paise for selling, closing at 330.41 and 332.52, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 77.18 and 77.45, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.42 and 75.70, respectively.
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Open Bid Rs 283.45
Open Offer Rs 284.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday
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Open Bid Rs 282.02
Open Offer Rs 282.21
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RUPEE IN LAHORE: The Pakistani rupee showed strength both against the US dollar and the British pound.
According to local market sources, the Pakistani rupee closed at Rs 283.50 and Rs 284.50 against the US dollar compared to the previous closing of Rs 283.55 and Rs 284.55, respectively.
However, regarding the British pound, the Pakistani rupee closed at Rs 383.65 and Rs 385.85 against the previous closing of Rs 383.20 and Rs 385.40, respectively.
Copyright Business Recorder, 2025
