RECORDER REPORT
KARACHI: The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01percent in the inter-bank market on Monday.
At close, the rupee settled at 281.52, a gain of Re0.03 against the greenback. This was the rupee’s 27th consecutive gain against the greenback.
During the previous week, the rupee gained further against the US dollar in the inter-bank market as it settled at 281.55.
In line with market expectations, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided on Monday to keep the policy rate unchanged at 11%.
Internationally, the US dollar held steady on Monday ahead of a pivotal week filled with central bank decisions led by the Federal Reserve, while the euro hardly reacted to Fitch’s downgrade of France’s credit rating.
Trading in Asia was thinned with markets in Japan closed for a holiday, leaving currencies mostly rangebound in the early session.
The euro last traded 0.09 percent lower at USD1.1724, with investors mostly brushing off Friday’s announcement from Fitch to downgrade France’s sovereign credit score to the country’s lowest level on record.
The move strips the euro zone’s second-largest economy of its AA- status as it grapples with a political crisis and ballooning debt.
Still, much of investors’ attention this week will be on the slew of rate decisions in the US, Japan, United Kingdom, Canada and Norway that could set the tone for markets, with the Fed taking centre stage.
Expectations of a rate cut from the Fed on Wednesday have weighed on the dollar in recent times, though it last steadied at 97.65 against a basket of currencies on Monday.
Sterling was little changed at USD1.3554, while the Aussie dollar hovered near a 10-month high at USD0.6652.
Oil prices, a key indicator of currency parity, rose slightly on Monday as investors assessed the impact of Ukrainian drone attacks on Russian refineries and US President Donald Trump pressing NATO nations to halt Russian oil purchases.
Brent crude futures rose 40 cents, or 0.6 percent, to USD67.39 a barrel by 1330 GMT while US West Texas Intermediate crude was at USD63.21 a barrel, up 52 cents or 0.8 percent.
Open-market movement
In the open market, the PKR gained 11 paise for buying and 6 paise for selling against USD, closing at 281.95 and 282.55, respectively.
Against Euro, the PKR lost 30 paise for buying and 64 paise for selling, closing at 331.53 and 334.80, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 15 paise for selling, closing at 77.27 and 78.08, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 11 paisa for selling, closing at 75.38 and 76.01, respectively.
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Open Bid Rs 281.95
Open Offer Rs 282.55
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday
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Open Bid Rs 281.52
Open Offer Rs 281.72
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RUPEE IN LAHORE: The Pakistani rupee stayed stable against the US dollar while facing selling pressure against the British pound.
According to local market sources, the Pakistani rupee closed at Rs 282.40 and Rs 282.55 against the US dollar, compared to the previous closing of Rs 282.40 and Rs 282.60, respectively.
In contrast, the Pakistani rupee closed at Rs 384.25 and Rs 388.00 against the British pound, compared to the previous closing of Rs 383.50 and Rs 388.00, respectively.
Copyright Business Recorder, 2025
