RECORDER REPORT
KARACHI: The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Tuesday.
At close, the local currency settled at 278.21, a gain of Re0.01 against the greenback.
On Monday, the local unit closed at 278.22.
Meanwhile, the US dollar held firm on Tuesday as traders positioned for a more hawkish Federal Reserve and oil prices rebounded following steep losses, while the yen flirted with a four-decade low.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was ​a shade higher at 101.01, not far from the one-year high of 101.13 hit late last week.
The dollar is â holding firm on rising yields and hawkish Fed bets, with limited guidance from the Fed fuelling â volatility, said Sim Moh Siong, FX strategist at OCBC.
The bank now expects a modestly stronger dollar amid rising risks for tighter US monetary policy, revising a previous call for the currency to be rangebound, he added.
Oil prices fell more than a $1 on Tuesday as investors monitored crude flows through the Strait of Hormuz amid signs of progress in US-Iran peace talks.
Brent crude futures declined $1.18, or around 1.2%, to $76.72 a barrel while US West Texas Intermediate fell $1.18, or 1.6%, to $72.68 a barrel by 10:06 a.m. ​ET (1406 GMT), after earlier dropping to a near four-month low of $72.48.
Open-market movement
In the open market, the PKR gained 4 paise for buying and remained unchanged for selling against USD, closing at 278.63 and 279.46, respectively.
Against Euro, the PKR gained 85 paise for buying and 55 paise for selling, closing at 318.52 and 322.33, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.92 and 76.55, respectively.
Against Saudi Riyal, the PKR gained 4 paise for buying and lost 1 paisa for selling, closing at 74.24 and 74.87, respectively.
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Open Bid Rs 278.63
Open Offer Rs 279.46
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
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Open Bid Rs 278.21
Open Offer Rs 278.41
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RUPEE IN LAHORE: The Pakistani rupee remained stable against the US dollar while losing ground against the British pound in the local currency market on Tuesday.
Currency dealers said the rupee showed strength against the US dollar at the opening of trading. During the first session and intraday trading, the local currency performed well amid improved market activity, they added.
However, the market turned volatile during the final trading session, affecting sentiment toward the rupee. But despite last-minute pressure, the local currency managed to maintain its previous day’s levels.
At the close of the market, the rupee's buying and selling rates against the US dollar settled at Rs279.50 and Rs282.50, respectively, unchanged from the previous day.
Against the British pound, the rupee's buying and selling rates closed at Rs370.50 and Rs373.50, respectively, compared with Rs369.50 and Rs372.80 a day earlier.
