USD exchange rate: Pakistani rupee falls slightly against greenback

The Pakistani rupee saw a slight fluctuation against the US Dollar (USD) in the intra-day trading on Tuesday, reflecting minor shifts in currency demand.

The greenback is currently trading at Rs277.90 in in the interbank market.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.75 and Rs 278.25 respectively.

The euro (EUR) had traded at Rs299.08 for selling and Rs298.54 for buying.

The British pound (GBP), one of the highest-valued currencies against the PKR, had been sold at Rs358.61 and bought at Rs357.97.

The Swiss franc (CHF) had recorded a selling rate of Rs318.68 and a buying rate of Rs318.11.

The Canadian dollar (CAD) was sold at Rs199.91 and bought at Rs199.55, while the Australian dollar (AUD) had a selling rate of Rs181.50 and a buying rate of Rs181.18.

In the Gulf region, the UAE dirham (AED) had a selling rate of Rs76.29 and a buying rate of Rs76.16.

The Saudi riyal (SAR) was slightly lower, with a selling rate of Rs74.09 and a buying rate of Rs73.96.

The Qatari riyal (QAR) held steady with a selling rate of Rs76.36 and a buying rate of Rs76.22.

The Chinese yuan (CNY) had traded with a selling rate of Rs39.16 and a buying rate of Rs39.09.

Meanwhile, the Japanese yen (JPY) recorded a selling rate of Rs1.8074 and a buying rate of Rs1.8042.

Finally, the Kuwaiti dinar (KWD) remained the highest-valued currency against the PKR, with a selling rate of Rs906.78 and a buying rate of Rs905.15.

Photo: NBP Exchange Company Limited

Meanwhile, Bitcoin reached a new all-time high of $75,000 overnight, fueled by growing speculation that former President Donald Trump was gaining momentum in the U.S. election.

As election results trickled in, the cryptocurrency surged by 7%, reaching $74,392 after briefly hitting its previous record of $73,797.68 in March.

This price spike comes as Trump made significant strides in the Electoral College, winning key states, including North Carolina.

Coinbase and MicroStrategy also saw gains, rising by 3% and 4%, respectively, as investors anticipated heightened volatility in the markets until a clear winner emerges.

The potential outcome of the election has become a significant driver for cryptocurrency, with analysts predicting potential price movements based on the result.

On the other hand, The Pakistan Stock Exchange (PSX) continued its strong performance on Tuesday, reaching a new high following a 2.5-percentage-point cut in the policy rate and strong remittances in October 2024.

The KSE-100 index rose by 366 points, surpassing the 92,000 mark, supported by a surge in cement exports, an expected $500 million in funding from the Asian Development Bank (ADB), and rising global oil prices.

Key contributors to the rally included Lucky Cement, Hub Power, and Oil and Gas Development Company, while banking stocks, including United Bank Limited and Habib Bank Limited, weighed on the index.

The policy rate cut and favorable economic indicators boosted investor confidence, with over $3 billion in remittances also playing a significant role.

The benchmark KSE-100 index closed at 92,304.32, a 0.4% increase, with trading volumes rising to 752.7 million shares.

Power Cement led trading volumes, and foreign investors sold shares worth Rs97.6 million. Investors are also anticipating changes in the MSCI weight for Pakistan after the November 6 MSCI review, which could further benefit the market.