Pakistani rupee struggled to hold gains on Tuesday after China said it will impose tariffs on U.S. goods in retaliation to U.S. President Donald Trump’s levies.
US Dollar (USD) is being traded at Rs 279.45 for selling and Rs 278.95 for buying, reflecting a minor rise from Monday’s rates.
On Monday Rupee depreciated by 10 paisa against the US dollar in the interbank trading and closed at Rs 279.04 against the previous day’s closing of Rs 278.94.
The Pakistani rupee (PKR) had a mixed trading session to start February 2025, as it displayed a sign of weakness against the US Dollar, but PKR kept on maintaining its strengthening power against many major currencies. The rupee opened trade at 280 per dollar in the interbank market and remained range-bound between 278 and 280 for most of the day. Eventually, it settled at 278.95, marking a minor depreciation of 0.03 percent, losing just two paisas compared to the previous closing rate.
Similar trends are being reflected in the open market and the exchange rates shows fluctuations between 279 and 282 per dollar at different currency counters. Throughout the day, the rupee remained under slight pressure against the greenback and closed in the red. Despite this, it managed to post notable gains against other key currencies.
Among its strongest performances, the PKR appreciated by Rs. 5.17 against the Euro (EUR), making European transactions slightly cheaper for businesses and travelers. The rupee also strengthened by Rs. 4.08 against the British Pound (GBP), is an indication of a of positive movement for those involved in trade or remittances related to the UK.
Additionally, the Pakistani currency gained Rs. 3.53 against the Canadian Dollar (CAD) and Rs. 2.67 against the Australian Dollar (AUD), reflecting improved exchange rates for those dealing in these currencies. On the other hand, minor losses were recorded against regional currencies, with the rupee slipping by two paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR).
On a fiscal year-to-date basis, the PKR has shown massive reduction by 0.26 percent against the US Dollar, highlighting a relatively stable performance despite economic fluctuations. While today’s dip against the dollar may raise some concerns, the broader trend of gains against multiple currencies depicts a balanced outlook for the Pakistani rupee in the global market.