Pakistani Rupee Registers Marginal Decline Against US Dollar in Inter-Bank Market
The Pakistani rupee experienced a slight dip against the US dollar in the inter-bank market on Tuesday, depreciating by 0.03%. The currency closed at Rs277.93, a decline of Re0.07 from the previous day’s rate of Rs277.86, according to data from the State Bank of Pakistan (SBP).
In the open market, the rupee exhibited mixed movement. It gained 1 paise for buying but lost 6 paise for selling against the dollar, closing at Rs276.94 and Rs278.83, respectively.
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Global Currency Movements
On the global stage, the US dollar remained near a four-month high against major currencies, with the dollar index reaching 105.49, marking a 0.07% increase as of early Tuesday trading. The US economy braces for potential shifts under the incoming administration, and both the euro and the Chinese yuan have been facing downward pressure amid concerns over tariffs.
Cryptocurrency and Commodities
Bitcoin continued its record-breaking ascent, hitting a new all-time high of $89,637, as investors showed optimism in light of Trump’s stated ambition to position the United States as a “crypto capital.”
Meanwhile, oil prices showed stability, with Brent crude futures trading at $71.87 per barrel and US West Texas Intermediate (WTI) at $68.03 per barrel. Investors are awaiting insights from OPEC’s monthly report, especially given concerns about a possible global oversupply and the impact of China’s recent economic policies.
Exchange Rates on Tuesday
In the inter-bank market, the bid and offer rates for the US dollar were:
- Bid: Rs277.93
- Offer: Rs278.13
In the open market, rates for the US dollar were:
- Bid: Rs276.94
- Offer: Rs278.83
Other Currency Movements in the Open Market
- Euro: PKR appreciated by 1.05 rupees for buying, closing at Rs293.50, and by 1.19 rupees for selling, closing at Rs296.26.
- UAE Dirham: PKR fell by 3 paise for buying and 2 paise for selling, ending at Rs75.27 and Rs75.97, respectively.
- Saudi Riyal: PKR declined by 4 paise in both buying and selling, settling at Rs73.52 and Rs74.16, respectively.
LIVE: USD to PKR Rate Today
Current Exchange Rates for Key Currencies
As of November 13, 2024, other major exchange rates against the Pakistani rupee include:
- Saudi Riyal (SAR): Rs. 74
- UAE Dirham (AED): Rs. 76
- Euro (EUR): Rs. 295
- British Pound (GBP): Rs. 355
- Chinese Yuan (CNY): Rs. 38
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