Rupee inches up against US dollar

The Pakistani Rupee gained marginally against the US Dollar, closing at Rs277.70, supported by increased remittances and a weaker dollar globally ahead of US inflation data.

The Pakistani rupee extended its marginal gains against the US dollar on Monday.

The local unit closed the day at Rs277.70, a gain of Re0.01 against the greenback.

On Friday, the Pakistani rupee settled at 277.71 against the dollar.

The inflow of overseas workers’ remittances into Pakistan stood at $3.631 billion in July 2026, the State Bank of Pakistan (SBP) data showed on Monday. In terms of growth, remittances increased by 4.5% on a month-on-month basis and 13% on a year-on-year basis.

Moreover, the US dollar hovered near a two-month ​low against major currencies on Monday as investors awaited this week’s inflation data for clues ‌on the Federal Reserve’s rate path.

The euro edged higher to $1.1558, hovering near its strongest level since mid-June, while sterling was steady at $1.3490, near a five-week peak.

The yen held firm at 157.90 per dollar, having given back some intervention-driven gains but remaining ​well off the roughly 164 multi-decade low hit late last month.

The dollar index, which tracks the ​currency against six major peers, was little changed at 99.6, hovering near its lowest ⁠level since June 2.

Meanwhile, oil prices jumped ‌3% on Monday after Iran said the US must lift sanctions on Tehran, pay reparations and meet a number of other conditions before the Strait of Hormuz is reopened.

Brent crude futures were up $2.48, or 3%, at $86.03 a barrel by 10:44am ​EDT (1444 GMT). US West Texas Intermediate crude futures were up $2.43, or 3.1%, at $80.61.

Inter-bank market rates for dollar on Monday

In the open market, the PKR gained 11 paise for buying and 26 paise for selling against USD, closing at 278.60 and 279.61, respectively.

Against Euro, the PKR lost 77 paise for buying and 66.00 paise for selling, closing at 320.87 and 323.98, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and lost 1 paisa for selling, closing at 75.79 and 76.48, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for buying and lost 5 paise for selling, closing at 74.10 and 74.73, respectively.