Pakistani currency, the rupee, records its 23rd successive increase in value against the US dollar.

Pakistani Rupee and Oil Prices Fluctuate Amidst Global Events

The Pakistani Rupee experienced mixed fortunes against various international currencies on Tuesday, while global oil prices rose due to a military attack in Qatar.

In the foreign exchange market, the Pakistani Rupee (PKR) lost 19 paise for buying and 39 paise for selling against the UAE Dirham, closing at 77.21 and 77.85, respectively. Against the Saudi Riyal, the PKR closed at 75.40 for buying and 75.98 for selling. However, the rupee appreciated marginally against the US dollar, settling at 281.61. In the open market, the PKR gained 10 paise for selling against the US dollar, but lost 1.84 rupee for buying against Euro, 19 paise for buying against UAE Dirham, and 14 paise for buying against Saudi Riyal. This was the rupee's 23rd consecutive gain against the US dollar.

Meanwhile, Brent crude futures rose 74 cents, or 1.1%, to $66.76 a barrel, and US West Texas Intermediate crude futures also climbed 74 cents, or 1.2%, to $63 a barrel. The rise in oil prices was due to an Israeli military attack on Hamas leadership in Qatari capital Doha, which Qatar condemned as "cowardly" and a violation of international law.

Globally, the US dollar sank to an almost seven-week low on Tuesday, with the US dollar index falling to its lowest since July 24. Economists anticipate a downward revision of as many as 800,000 jobs in US data revisions.

In other news, the Pakistani rupee remained unchanged for buying and gained 10 paise for selling against the US dollar in the open market, closing at 282.25 and 282.90, respectively. The US dollar broker rates against the Pakistani Rupee showed a declining trend in the weeks before March 4, 2025, followed by a slight recovery or stabilization in the weeks after that date. This indicates the dollar weakened against the rupee before March 4 and then either stabilized or appreciated slightly afterward.

In conclusion, the Pakistani rupee and global oil prices showed varying trends on Tuesday, with the rupee experiencing mixed fortunes against different currencies and oil prices rising due to the Israeli military attack in Qatar. The US dollar also weakened against the Pakistani rupee before March 4, 2025, but then either stabilized or appreciated slightly afterward.

Pakistani currency, the rupee, records its 23rd successive increase in value against the US dollar.