Rupee posts marginal decline against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee saw marginal decline against the US dollar, depreciating 0.06% in the inter-bank market on Thursday.

At close, the currency settled at 280.62, a loss of Re0.16 against the US dollar.

On Wednesday, the rupee had settled at 280.46 against the greenback.

Internationally, the dollar looked set to notch a fourth straight weekly loss on Thursday as tariffs drive investors from U.S. assets, though it lifted off a seven-month low against the yen as U.S.-Japan trade talks have so far steered clear of any currency discussion.

The dollar has taken a beating as the U.S. has threatened, imposed and then postponed massive tariffs, undermining investor confidence in U.S. economic growth and stability.

The 8% gain for the safe-haven Swiss franc since April 2 is the largest among G10 currencies and at 0.8151 per dollar it is testing strong resistance at a decade-high of 0.81.

The euro and yen are not far behind with gains of around 5% on the dollar in little more than two weeks.

The euro eased slightly to $1.1373 in the Asia morning, though it remains set for a fourth straight weekly rise, even with the European Central Bank expected to deliver a 25-basis-point rate cut later in the session.

Oil prices, a key indicator of currency parity, rose to the highest in two weeks on Thursday after the United States imposed new sanctions to curb Iranian oil exports, elevating supply concerns.

Brent crude futures rose 47 cents, or 0.71%, to $66.32 a barrel by 1116 GMT, and U.S. West Texas Intermediate crude was at $63.02 a barrel, up 55 cents, or 0.9%.

Both benchmarks settled 2% higher on Wednesday at their highest levels since April 3 and are on track for their first weekly rise in three. Thursday is the last settlement day of the week ahead of the Easter holidays.

Inter-bank market rates for dollar on Thursday

BID                            Rs 280.61

OFFER                      Rs 280.81

Open-market movement

In the open market, the PKR lost 10 paise for buying and 8 paise for selling against USD, closing at 280.33 and 282.17, respectively.

Against Euro, the PKR lost 32 paise for buying and 28 paise for selling, closing at 317.57 and 320.71, respectively.

Against UAE Dirham, the PKR lost 4 paise for buying and 3 paise for selling, closing at 76.30 and 77.01, respectively.

Against Saudi Riyal, the PKR lost 6 paise for buying and remained unchanged for selling, closing at 74.56 and 75.17, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 280.33

OFFER                      Rs 282.17