Rupee registers 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 0.04% in the inter-bank market on Wednesday.

At close, the local currency settles at 282.22, a loss of Re0.10 against the greenback.

On Tuesday, the Pakistani rupee closed the day at 282.12.

Internationally, the US dollar drifted lower on Wednesday as the market looked ahead to US employment data for immediate trading cues, while waiting on developments in President Donald Trump’s tariff negotiations with key trading partners including China.

The Trump administration has given a Wednesday deadline for countries to submit their best offers on trade, the same day a doubling of duties to 50% on imported steel and aluminium comes into effect.

Trump is also tipped by the White House to have a call this week with Chinese President Xi Jinping after the two sides accused each other of violating the terms of an agreement last month to roll back some tariffs.

In the meantime, macroeconomic indicators have returned as a driver of the US currency this week, even if trade frictions remain centre stage.

The US dollar slumped 0.8% against major peers on Monday following a contraction in manufacturing, only to rebound by almost the same amount overnight after a surprise increase in US job openings.

Early on Wednesday, the dollar was down 0.09% at 143.82 yen and the euro was up 0.13% at $1.1385.

The dollar index, which measures the currency against those two peers and four other counterparts, was flat at 99.159.

Oil prices, a key indicator of currency parity, held steady on Wednesday as concerns around the OPEC+ groups next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.

Brent crude futures inched 18 cents lower, or down around 0.3%, at $65.45 a barrel by 0905 GMT, while US West Texas Intermediate crude was 19 cents lower, also down 0.3%, at $63.22 a barrel.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 282.22

OFFER                      Rs 282.42

Open-market movement

In the open market, the PKR lost 12 paise for buying and gained 2 paise for selling against USD, closing at 282.31 and 284.38, respectively.

Against Euro, the PKR gained 42 paise for buying and 69 paise for selling, closing at 320.10 and 323.78, respectively.

Against UAE Dirham, the PKR lost 3 paise for both buying and selling, closing at 76.63 and 77.45, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 2 paise for selling, closing at 74.78 and 75.60, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 282.31

OFFER                      Rs 284.38