RECORDER REPORT
KARACHI: The Pakistani rupee extended its marginal gains against the US dollar, appreciating 0.01percent in the inter-bank market on Tuesday.
The local unit closed the day at 277.12, a gain of Re0.03 against the greenback.
On Monday, the Pakistani rupee settled at 277.15 against the dollar.
Finance Minister Muhammad Aurangzeb held a kick-off meeting with the International Monetary Fund (IMF) mission on Tuesday, read a statement released by the Ministry of Finance.
“The IMF mission is in Islamabad for the fourth review of Pakistan’s Extended Fund Facility (EFF) arrangement and the third review of the Resilience and Sustainability Facility (RSF),” it said.
Internationally, the US dollar hovered near a two-month high on Tuesday as volatile oil prices and a rapid climb in Treasury yields lent support, although were limited as traders awaited US data this week for clues on the Federal Reserve’s rate path.
The euro traded near its weakest level in three months at USD1.1367 after the European Central Bank’s chief signalled measured steps to quell inflation. Sterling was steady at USD1.3248, also not far from a three-month trough.
The dollar index, which measures the US currency against a basket of peers, was a touch higher at 101.2 and on track for a 1.8percent advance this month, its best performance since June.
Meanwhile, a deepening selloff in US Treasuries pushed yields to new peaks, with the 10-year benchmark at its highest since 2007 and the 30-year at its highest since 2004.
The monetary policy-sensitive two-year yield also rose to its highest in more than two years, closing in on 5percent.
US data releases later in the week, including the PCE price index on Wednesday and nonfarm payrolls on Friday, are both expected to support the case for further Fed rate hikes.
Markets are now seeing a more than 70percent chance of a rate hike from the Federal Reserve at the end of October, up from 57percent a week ago, according to CME Group’s FedWatch tool.
Oil prices, a key indicator of currency parity, declined on Tuesday as investors focused on signs of recovering crude exports from the Middle East and lingering concerns over potential supply disruptions in region stemming from the US-Israeli war on Iran.
Brent crude futures were down USD1.96, or 1.86percent, to USD103.32 a barrel at 1306 GMT. US West Texas Intermediate crude was at USD90.65, down USD1.95, or 2.11percent.
Open-market movement
In the open market, the PKR gained 12 paise for buying and 8 paise for selling against USD, closing at 278.05 and 279.15, respectively.
Against Euro, the PKR gained 76 paise for buying and 71 paise for selling, closing at 315.51 and 318.65, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 2 paise for selling, closing at 75.70 and 76.28, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and 2 paise for selling, closing at 74.02 and 74.52, respectively.
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Open Bid Rs 278.05
Open Offer Rs 279.15
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday
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Open Bid Rs 277.12
Open Offer Rs 277.32
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RUPEE IN LAHORE: The Pakistani rupee gained marginally against the US dollar while remaining broadly stable against the British pound in the local currency market on Tuesday.
Currency dealers said the rupee opened on a firm note and strengthened against the US dollar during the morning and intraday trading sessions. The local currency gained further ground during the first half of the session, however, subsequent pressure eroded most of the early gains, they added.
At the close, the rupee’s buying and selling rates against the US dollar were quoted at Rs279.00 and Rs280.00, respectively, compared with Rs279.40 and Rs280.50 on the preceding day.
Against the British pound, the rupee’s buying and selling rates were quoted at Rs368.50 and Rs372.00, respectively, against Rs369.00 and Rs371.80 on the previous day.
Copyright Business Recorder, 2026
