Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar, gaining Re0.01 in the inter-bank market on Thursday.
At close, the currency settled at 281.20, a gain of Re0.01 against the greenback.
On Wednesday, the local unit closed at 281.21.
Pakistan and the International Monetary Fund (IMF) made significant progress toward a staff-level agreement (SLA) following review talks under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), the Washington-based lender said after concluding its mission to the country.
State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Thursday the timely purchase of US dollars from inter-bank market had helped avoiding excessive foreign borrowing at higher interest rate, enabling the country to meet its external debt obligations on time and increasing foreign exchange reserves five-fold in two-and-half years.
Globally, the US dollar held steady on Thursday, on track for its best week in nearly a year, buoyed by a weak yen that has struggled on the back of a change of guard in Japan’s ruling party.
The yen has been whiplashed after conservative Sanae Takaichi was picked as head of Japan’s Liberal Democratic Party, putting her on course to become the country’s first female prime minister and stoking bets of a revival in big spending and loose monetary policy.
The Japanese currency was last a touch stronger at 152.49 per dollar, after having slid to an eight-month low of 153 per dollar overnight. It has fallen more than 3% for the week thus far, set for its worst performance since September 2024.
Against a basket of currencies, the dollar was little changed at 98.77 .
Federal Reserve officials agreed at their recent policy meeting that risks to the US job market had increased enough to warrant a rate cut, but remained wary of high inflation amid a debate about how much borrowing costs were weighing on the economy, minutes of their September meeting showed on Wednesday.
Oil prices, a key indicator of currency parity, edged slightly lower on Thursday after Israel and Hamas signed an agreement to cease fire in Gaza.
Brent crude futures were down 36 cents, or 0.6%, at $65.88 a barrel at 11:42 a.m. ET (1542 GMT). US West Texas Intermediate crude was down 30 cents, or 0.5%, at $62.25.
Inter-bank market rates for dollar on Thursday
BID Rs 281.20
OFFER Rs 281.40
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 281.71 and 282.25, respectively.
Against Euro, the PKR lost 4 paise for buying and gained 30 paise for selling, closing at 327.44 and 330.72, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 76.80 and 77.53, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 2 paise for selling, closing at 75.05 and 75.64, respectively.
Open-market rates for dollar on Thursday
BID Rs 281.71
OFFER Rs 282.25
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