Rupee registers marginal gain against USD

- 73
- 0
KARACHI: The Pakistani rupee showed a slight improvement against the US dollar on Tuesday, gaining 0.03% in the inter-bank market.
The currency closed at 278.96, appreciating by Re0.08 from the previous day's closing of 279.04, according to the State Bank of Pakistan (SBP). In the international markets, currencies like the Canadian dollar, Mexican peso, and euro remained steady against the US dollar after a volatile Monday. These currencies rebounded from multi-year lows following US President Donald Trump's announcement to suspend tariffs on Canada and Mexico for a month.
The Chinese yuan also firmed up in offshore trading after recovering from a record low, bolstered by optimism about potential trade agreements between the US and China. Oil prices, which influence currency parity, retreated on Tuesday after Trump's tariff pause and expectations of increased OPEC+ supplies. Brent crude futures fell to $75.46, and US West Texas Intermediate (WTI) crude dropped to $72.27. In the open market, the rupee gained 5 paise for buying but lost 3 paise for selling against the dollar, closing at 278.70 and 280.91, respectively. Against the euro, the rupee lost ground, closing at 287.38 for buying and 289.98 for selling.