The Pakistani rupee (PKR) recorded a mild recovery against the US dollar (USD) in early trade on Tuesday, maintaining its recent trend of gradual improvement in the inter-bank market.
The local currency opened stronger at Rs280.67 against the USD, gaining 23 paisa from Monday’s closing rate of Rs280.90. Currency dealers described the rise as a “measured uptick,” noting that the market remains steady amid improved investor confidence and reduced import demand.
Global Dollar Trends
On the international front, the USD stayed firm near a three-month high as investors awaited clearer signals from the US Federal Reserve regarding future interest rate cuts. The central bank remains divided on its monetary policy direction, keeping global markets cautious and limiting major currency movements.
The Japanese yen continued to weaken, trading around 154.38 per dollar — near its eight-month low — prompting speculation of possible intervention by Japan to stabilise its currency.
Yearly Performance Overview
According to market data, the rupee has appreciated by Rs2.86, or nearly 1 percent, against the USD so far in the current fiscal year. However, when measured on a calendar-year basis, it is still down by Rs2.35, reflecting a 0.84 percent decline.
Previous Trading Session
In Monday’s trading session, the rupee also posted gains against several major global currencies. It strengthened against the British pound, the euro, and the Swiss franc, while showing minor losses against the Japanese yen. In the open market, the dollar was quoted at Rs281.05 for buying and Rs281.95 for selling.
Analysts believe that Pakistan’s steady foreign exchange reserves, improved remittance inflows, and tighter import controls are helping support the rupee’s stability. However, they also caution that future movement will depend on international oil prices and global USD strength.
In other news read more about: Rupee Strengthens as USD Exchange Rates Fall Following IMF Approval
