Intraday trade: PKR gains four paisa against USD

KARACHI: The Pakistani rupee saw a marginal gain against the US dollar in early trade on Tuesday, as the local currency appreciated by 0.01 per cent in the interbank market, according to currency dealers. 

By mid-morning, the rupee was trading at Rs282.02 against the dollar, up four paisa from Monday’s close. 

The rupee has shown relative stability in recent weeks. Since the start of the current fiscal year, it has slipped by Rs3.72, or 1.32 per cent. From the beginning of calendar year 2025, the currency has lost Rs3.51, or 1.24 per cent, against the greenback. 

Globally, the dollar remained under pressure on Tuesday as investors remained cautious over a large tax and spending bill in the United States, which has raised fresh concerns about the country’s debt outlook. 

On Monday, while US markets were closed for a public holiday, global equities and the euro strengthened after the US president postponed new tariffs on European goods. 

Focus now shifts to the US Senate, where lawmakers are set to debate a tax-cut proposal that analysts say could further inflate the country’s already high debt levels. Market sentiment has been fragile since Moody’s downgraded the US sovereign credit rating on May 16, amid ongoing concerns about the president’s unpredictable trade policies. 

Previous close 

On Monday, the rupee had weakened by 8.4 paisa, or 0.03 per cent, to settle at Rs282.06 in the interbank market, according to the State Bank of Pakistan. The previous session on Friday, May 23, had closed at Rs281.97. 

During the Monday session, the rupee traded within a narrow range, recording both its intraday high and low at Rs282.05. 

In the open market, exchange companies were quoting the dollar at Rs283.01 for buying and Rs284.16 for selling. 

Performance against other foreign currencies 

The rupee’s performance was mixed against other major currencies on Monday: 

UAE Dirham: Down 2.07 paisa (0.03 per cent) to Rs76.79 

Swiss Franc: Dropped Rs2.12 (0.62 per cent) to Rs343.36 

Chinese Yuan: Lost 3.46 paisa (0.09 per cent) to Rs39.26 

Saudi Riyal: Declined 2.84 paisa (0.04 per cent) to Rs75.20 

Euro: Fell Rs1.60 (0.50 per cent) to Rs321.35 from Rs319.74 

Japanese Yen: Down 0.78 paisa (0.40 per cent) to Rs1.9746 

British Pound: Decreased Rs2.52 (0.66 per cent) to Rs382.71 

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