The Pakistani rupee recorded a marginal gain against the US dollar in the interbank market on Tuesday, even as global currency markets remained volatile amid escalating geopolitical tensions and rising oil prices.
According to data released at market close, the rupee settled at 279.27 against the dollar, strengthening by Re0.03, or 0.01%, compared to Monday’s close of 279.30.
In the open market, the local unit also showed slight movement. It appreciated by 6 paise on the buying side and 3 paise on the selling side, closing at 279.38 and 280.33, respectively.
Against other major currencies, the rupee weakened versus the euro, losing Rs1.39 for buying and Rs1.04 for selling to close at 319.89 and 323.67. It showed mixed performance against Gulf currencies, gaining 5 paise on the buying side against the UAE dirham but losing 3 paise on selling to close at 75.75 and 76.78. Against the Saudi riyal, it gained 3 paise for buying and shed 1 paisa for selling, ending at 73.85 and 74.84.
Interbank quotes for the dollar stood at a bid of Rs279.27 and an offer of Rs279.47.
Globally, the US dollar traded in a narrow range as investors assessed the economic fallout of the ongoing conflict involving the United States, Israel and Iran. The dollar index was largely unchanged at 99.913.
The euro slipped 0.12% to $1.1492 in Asian trading, while the British pound fell 0.1% to $1.33, retreating after gains in the previous session. The Australian dollar also edged lower ahead of an anticipated interest rate decision by the country’s central bank.
Market sentiment remained fragile after several US allies declined a request by President Donald Trump to deploy warships for escorting oil tankers through the Strait of Hormuz, raising concerns over the security of global energy supply routes.
Oil prices moved higher, recovering from earlier losses as supply fears resurfaced. Brent crude rose $1.73, or 1.7%, to $101.94 per barrel, while US West Texas Intermediate (WTI) crude gained $1.23, or 1.3%, to $94.73. In the previous session, Brent had dropped 2.8% and WTI fell 5.3% after some shipping activity briefly resumed through the key waterway.
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