KEY POINTS
• Pakistani rupee closes at 280.67 in interbank market, up Re0.04 day-on-day
• SBP data shows bid at 280.67 and offer at 280.87
• Open market: PKR strengthens to 281.31 (buying) and 281.70 (selling)
• PKR posts gains against euro, UAE dirham and Saudi riyal
ISLAMABAD: The Pakistani rupee posted a marginal improvement against the US dollar in the interbank market on Tuesday, supported by steady foreign-exchange flows and subdued import demand.
According to data released by the State Bank of Pakistan (SBP), the rupee settled at 280.67 to a dollar, reflecting an appreciation of Rs 0.04 from Monday’s close of 280.71.
Interbank quotes showed the dollar trading at 280.67 on the bid and 280.87 on the offer.
Dealers noted that the currency remained range-bound through most of the session, with minor upward momentum emerging near close.
In the open market, data from the Exchange Companies Association showed the rupee gaining 4 paisa for the buying rate and 5 paisa for the selling rate against the greenback, closing at 281.31 and 281.70.
The PKR also improved against other major currencies. It appreciated by 41 paise for buying and 43 paise for selling against the euro, which closed at 325.32 and 328.32.
Against the UAE dirham, it gained 4 paise for buying to close at 76.61, while the selling rate remained stable at 77.44.
The rupee held steady for buying against the Saudi riyal and added 2 paise for selling, closing at 74.92 and 75.55.
Internationally, currency markets were dominated by a weaker Japanese yen, which slipped to a nine-month low as investors reassessed the likelihood of a US Federal Reserve rate cut next month.
The dollar index ticked up to a one-week high, supported by firmer expectations of sustained US monetary tightening ahead of key economic data releases.
Oil prices, an important signal for currency parity in energy-importing economies, edged lower after supply disruptions ended at a Russian export hub. Brent crude was last quoted at around $63.92 a barrel.
