USD to PKR exchange rate today: rupee gains against the dollar

The Pakistani rupee showed slight gains against the US dollar during early trading on Tuesday, reflecting cautious optimism in local and global currency markets.

In the inter-bank market, the rupee was trading at 280.56 per dollar, up by Re0.25 or 0.09 percent in the opening hours.

Analysts noted that the local currency has strengthened by 2.96 rupees, or 1.05 percent, against the US dollar during the current fiscal year, despite a 0.80 percent depreciation so far in the calendar year.

On Monday, the rupee had closed at 280.81 per dollar, rising by 1.61 paisa compared to the previous session. The currency fluctuated between an intraday high of 281.00 and a low of 281.85, according to the State Bank of Pakistan.

Against other major currencies, the rupee showed mixed performance. It gained marginally against the Saudi Riyal to 74.87 and the UAE Dirham to 76.45. The rupee also strengthened against the Japanese yen, closing at 1.8228 from 1.8303 a day earlier.

However, the local unit weakened against European currencies. It fell by 90.81 paisa to 324.94 against the euro and dropped 96.17 paisa to 369.53 against the British pound. Similarly, the rupee depreciated slightly against the Chinese yuan to 39.45 and the Swiss franc to 348.53.

Global markets have influenced the rupee’s movements. The Japanese yen fell to its lowest level since February, while riskier currencies, including the Australian and New Zealand dollars, showed gains or losses depending on investor sentiment.

The Australian dollar rose to $0.6536, while the New Zealand dollar hit a 12-year low against its Australian counterpart, reflecting diverging economic outlooks in the region.