Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Thursday.
At close, the local currency settled at 281.03, up by Re0.02 against the US dollar, according to the State Bank of Pakistan (SBP).
The local unit closed at 281.05 on Wednesday.
Globally, the US dollar drifted higher against its major peers on Thursday as traders waited on the delayed release of US consumer inflation data on Friday, while digesting tariff threats between Washington and Beijing.
The yen weakened to a one-week low against the dollar as the market awaited details of a big stimulus package from new Prime Minister Sanae Takaichi, widely viewed as favouring fiscal and monetary easing.
Sterling remained under pressure after British data on Wednesday showed consumer inflation held steady at 3.8% last month, defying economists’ estimates for it to accelerate.
Traders rushed to price a 75% chance of the Bank of England cutting rates by its December meeting - up sharply from a 46% probability before the data was published - although those odds had eased back to 61% on Thursday.
The US dollar index, which measures the currency against the yen, sterling, euro and three other peers, edged up 0.05% to 98.979 as of 0050 GMT.
Oil prices, a key indicator of currency parity, surged around 5% to a two-week high on Thursday after the US imposed sanctions on major Russian suppliers Rosneft, opens new tab and Lukoil, opens new tab over Russia’s war in Ukraine.
Sanctions against Russia could reduce the supply of oil available to global markets as Russia was the world’s second-biggest crude producer in 2024 after the US, according to US energy data.
Inter-bank market rates for dollar on Thursday
BID Rs 281.03
OFFER Rs 281.22
Open-market movement
In the open market, the PKR lost 1 paisa for buying and gained 5 paise for selling against USD, closing at 281.60 and 282.05, respectively.
Against Euro, the PKR gained 20 paise for buying and 28 paise for selling, closing at 326.38 and 329.72, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.79 and 77.55, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 75.06 and 75.66, respectively.
Open-market rates for dollar on Thursday
BID Rs 281.60
OFFER Rs 282.05
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