Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee improved slightly against the US dollar, appreciating 0.04% in the inter-bank market on Friday.
At close, the currency settled at 284.87, a gain of Re0.10.
On Thursday, the currency settled at 284.97.
Internationally, the US dollar headed for a second straight weekly gain against major peers, buoyed by some solid US economic data that supported the view that the Federal Reserve can afford to wait a while longer before cutting interest rates again.
The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the US.
Bitcoin hovered just below $120,000, after this week pushing to an all-time peak of $123,153.22, with Congress passing a bill to create the framework for dollar-pegged stablecoins.
The dollar index, which measures the currency against six leading counterparts, held steady at 98.456 as of 0038 GMT, keeping it on track for a 0.64% weekly advance and building on the previous week’s 0.91% rally.
The dollar index climbed as high as 98.951 on Thursday for the first time since June 23 after US data showed retail sales rebounded more than expected in June and first-time applications for unemployment benefits dropped to a three-month low last week.
Earlier in the week, a report showed consumer prices increased by the most in five months in June, suggesting tariffs were starting to have an impact on inflation.
Traders currently price about 45 basis points of rate cuts for the remainder of the year, down from closer to 50 basis points at the start of the week.
At the same time, the dollar index remains 9.3% lower over the course of this year, following a steep selloff in March and April when President Donald Trump’s erratic trade policies undermined confidence in US assets, sending the currency, Treasury bonds and Wall Street all lower.
Oil prices, a key indicator of currency parity, Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in U.S. tariff policy.
Brent crude futures eased 4 cents, or 0.06%, to $69.48 a barrel as of 0239 GMT, US West Texas Intermediate crude futures edged down 3 cents, or 0.04%, to $67.51 a barrel.
Inter-bank market rates for dollar on Friday
BID Rs 284.87
OFFER Rs 285.06
Open-market movement
In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 287.37 and 288.60, respectively.
Against Euro, the PKR lost 47 paise for buying and 50 paise for selling, closing at 334.92 and 338.27, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and 6 paise for selling, closing at 78.52 and 79.22, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 4 paise for selling, closing at 76.81 and 77.35, respectively.
Open-market rates for dollar on Friday
BID Rs 287.37
OFFER Rs 288.60
Comments
Comments are closed for this article.