RECORDER REPORT
KARACHI: The Pakistani rupee improved further against the US dollar, appreciating 0.01 percent in the inter-bank market on Tuesday.
At close, the local currency settled at 280.57, a gain of Re0.04 against the greenback.
On Monday, the local unit closed at 280.61.
Globally, the US dollar was steady on Tuesday as investors deliberated the chances of the Federal Reserve cutting interest rates next month after dovish comments from policymakers, while the frail yen remained on intervention watch.
Fed Governor Christopher Waller said the job market is weak enough to warrant another quarter-point rate cut in December, though action beyond that depends on a flood of impending data delayed by the government shutdown.
Waller’s comments echoed those of New York Fed President John Williams from Friday, helping shift expectations of near-term rate cuts. Traders are now pricing in an 81 percent chance of a cut next month versus 42 percent a week earlier, CME FedWatch showed.
The sudden shift in rate cut wagers has weighed slightly on the dollar. The euro last bought USD1.1522 after eking out small gains overnight, while sterling was at USD1.3103.
The dollar index, a measure of the US currency against major rivals, was at 100.2 in early trading.
Fed officials, though, remain divided on the next steps, with the central bank still lacking the full suite of data as government statistical agencies dig through the backlog of work from the 43-day shutdown that ended November 14.
Oil prices, a key indicator of currency parity, were little changed on Tuesday after rising in the previous session as concerns that supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive.
Brent futures fell 17 cents, or 0.3 percent, to USD63.20 a barrel as of 0158 GMT.
West Texas Intermediate (WTI) crude declined 12 cents, or 0.2 percent, at USD58.71.
Open-market movement
In the open market, the PKR gained 2 paise for buying and 5 paise for selling against USD, closing at 281.26 and 281.60, respectively.
Against Euro, the PKR lost 5 paise for both buying and selling, closing at 323.72 and 326.62, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 2 paisa for selling, closing at 76.65 and 77.41, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 74.98 and 75.55, respectively.
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Open Bid Rs 281.26
Open Offer Rs 281.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
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Open Bid Rs 280.57
Open Offer Rs 280.76
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RUPEE IN LAHORE: The Pakistani rupee remained steady against the US dollar and the British pound.
According to local market sources, the buying and selling rates of the dollar in the open market closed at Rs 281.30 and Rs 281.60, respectively, compared to the previous closing of Rs 281.20 and Rs 281.65, respectively.
Moreover, the Pakistani rupee closed at Rs 368.20 and Rs 370.00 against the British pound, compared to the previous closing of Rs 367.50 and Rs 370.50, respectively.
Copyright Business Recorder, 2025
