RECORDER REPORT
KARACHI: The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.01 percent in the inter-bank market on Monday.
At close, the rupee settled at 281.87, a gain of Re0.03 against the greenback. This was rupee’s twelfth successive gain against the greenback.
During the previous week, the Pakistan rupee recorded another positive week as it gained Re0.16 or 0.05 percent against the US dollar in the inter-bank market.
The local unit closed at 281.90, against 282.06 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar attempted on Monday to pull itself up from a four-week low on the euro after a dovish pivot from Federal Reserve Chair Jerome Powell sent it tumbling more than 1 percent
The greenback added 0.2 percent to USD 1.1699 per euro early in the Asian day, but remained not far from Friday’s low of USD 1.174225, a level not seen since July 28.
It rose 0.1 percent to $1.3502 versus sterling following a 0.8 percent slide in the prior session. It added 0.4 percent to 147.46 yen, clawing back part of Friday’s 1 percent tumble.
The risk-sensitive Australian dollar briefly leapt to a one-week high of USD 0.6523 on Monday before pulling back to trade slightly down at USD 0.6484. In the previous session, it surged 1.1 percent.
Powell, in a closely watched speech at the Fed’s annual Jackson Hole symposium on Friday, opened the door to an interest rate cut at the central bank’s September meeting.
Traders are now pricing in 80% odds of a quarter-point rate cut at the September 17 policy meeting, and a cumulative 48 basis points of reductions by year-end, according to LSEG data.
Traders had ramped up bets on a September cut early this month after an unexpectedly weak monthly payrolls report, but hotter-than-expected producer price inflation and strong business activity surveys forced a paring back in the run-up to Jackson Hole.
The dollar has been under additional pressure in recent weeks as US President Donald Trump’s attacks on Powell and other Fed policymakers raised concerns about central bank independence.
Oil prices, a key indicator of currency parity, climbed on Monday as traders weighed concerns that Russian supply could be disrupted by more US sanctions and Ukrainian attacks targeting energy infrastructure in Russia.
Brent crude futures rose 40 cents, or 0.6 percent, to $68.13 by 1200 GMT, and West Texas Intermediate (WTI) crude futures gained 44 cents, or 0.7 percent, to $64.10.
Open-market movement
In the open market, the PKR gained 34 paise for buying and 10 paise for selling against USD, closing at 283.16 and 284.00, respectively.
Against Euro, the PKR lost 3.03 rupees for buying and 3.27 rupees for selling, closing at 330.49 and 332.45, respectively.
Against UAE Dirham, the PKR gained 8 paise for buying and 5 paise for selling, closing at 77.08 and 77.30, respectively.
Against Saudi Riyal, the PKR gained 9 paise for buying and 5 paise for selling, closing at 75.36 and 75.60, respectively.
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Open Bid Rs 283.16
Open Offer Rs 284.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday
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Open Bid Rs 281.87
Open Offer Rs 282.07
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RUPEE IN LAHORE: The Pakistani rupee remained strong against the US dollar heavily losing against the British pound.
According to local market sources, the Pakistani rupee closed at Rs 283.20 and Rs 284.00 against the US dollar compared to the previous closing of Rs 283.60 and Rs 284.10, respectively.
However, regarding the British pound, the Pakistani rupee closed at Rs 381.85 and Rs 383.80 against the previous closing of Rs 378.20 and Rs 380.70, respectively.
Copyright Business Recorder, 2025
