Rupee records slight improvement against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee posted marginal improvement against the US dollar, appreciating 0.04% during trading in the interbank market on Tuesday.

At close, the local currency settled at 283.77, a gain of Re0.10 against the greenback.

On Monday, the rupee settled at 283.87.

Internationally, the US dollar fell on Tuesday while the Australian and New Zealand dollars rose after US President Donald Trump announced a ceasefire between Israel and Iran, in news that sent investors cheering and sparked a risk rally across markets.

Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that saw millions flee Tehran and prompted fears of further escalation in the war-torn region.

There was no immediate comment yet from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country’s foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.

The risk-sensitive Aussie got a lift and last traded 0.3% higher at $0.6480 as did the kiwi , which rose 0.3% to $0.5994. Israel’s shekel rallied sharply too, as it jumped 1% against the dollar to its strongest level since February 2023.

The dollar, which last week drew support from safe-haven demand, fell broadly in the wake of the news.

Against the yen, the greenback was down 0.37% at 145.60.

The euro rose 0.12% to $1.1592 and sterling advanced 0.11% to $1.3541.

Trump’s comments on his Truth Social site came after Iran launched a missile attack on an American air base in Qatar on Monday that caused no injuries, in a move which he dismissed as a “weak response” to U.S. attacks.

Against a basket of currencies, the dollar was little changed at 98.23, having declined more than 0.5% in the previous session.

Oil prices, a key indicator of currency parity, fell about 5% to a two-week low on Tuesday on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.

That ceasefire, however, was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.

Brent crude futures fell $3.29, or 4.6%, to $68.19 a barrel at 10:43 EDT (1443 GMT), while U.S. West Texas Intermediate (WTI) crude fell $3.20, or 4.7%, to $65.31.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 283.77

OFFER                      Rs 283.96

Open-market movement

In the open market, the PKR gained 1 paise for buying and 9 paise for selling against USD, closing at 284.51 and 285.80, respectively.

Against Euro, the PKR lost 3.48 rupees for buying and 3.40 rupees for selling, closing at 329.24 and 332.00, respectively.

Against UAE Dirham, the PKR lost 6 paise for buying and gained 4 paise for selling, closing at 77.46 and 78.04, respectively.

Against Saudi Riyal, the PKR lost 2 paise for buying and gained 4 paise for selling, closing at 75.78 and 76.30, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 284.51

OFFER                      Rs 285.80