The Pakistani rupee fell to a 19-month low against the US dollar in the inter-bank market on Monday, closing at 284.22 after losing Re0.25.
The last time the rupee was seen at this level was in December 2023.
During the previous week, the currency had weakened slightly, closing at 283.97 and recording a 0.09 percent weekly decline. Analysts expect further depreciation, projecting the rupee to fall beyond 290 against the US dollar during the fiscal year 2025–26 due to rising import demand.
In the open market, the rupee lost 9 paise for buying and 24 paise for selling against the US dollar, ending at 285.50 and 286.64, respectively.
Against the euro, the rupee gained 40 paise for buying and 56 paise for selling, closing at 335.29 and 337.64. The rupee remained unchanged against the UAE dirham and Saudi riyal, closing at 77.68 and 78.10, and 75.98 and 76.40, respectively.
In the inter-bank market, the dollar was quoted at Rs284.22 on the bid side and Rs284.41 on the offer side. In the open market, it stood at Rs285.50 and Rs286.64, respectively.
Globally, the US dollar hovered near its lowest level since 2021 against the euro and its weakest since 2015 against the Swiss franc. Traders remained alert for developments ahead of the end of President Donald Trump’s 90-day moratorium on reciprocal tariffs, which concludes Wednesday.
Trump said on Friday that he would name around a dozen countries receiving new tariff notices, with the higher rates set to take effect for many of them on August 1. US Treasury Secretary Scott Bessent on Sunday forecast several announcements in the coming days.
The US dollar index, which tracks the currency against six major peers, was steady at 96.967, holding just above last Tuesday’s 3-1/2-year low of 96.373.
Oil prices, which influence currency markets, reversed early losses on Monday despite OPEC+ agreeing to raise production more than expected. The group announced an output increase of 548,000 barrels per day in August, above the 411,000 bpd hikes seen in the previous three months.
Brent crude dropped to as low as $67.22 per barrel but rose later to $68.66, up 36 cents. US West Texas Intermediate was at $66.99, down 1 cent from the previous close but above the session low of $65.40.
