Rupee registers marginal gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee registered slight improvement against the US dollar in the inter-bank market on Thursday.

At close, the currency settled at 280.85, a gain of Re0.01 against the greenback.

On Wednesday, the local unit closed at 280.86.

Globally, the US dollar held just below multi-month highs on Thursday, with a recovery in appetite for riskier assets pulling it off recent peaks, while sterling was under pressure ahead of a Bank of England meeting where investors anticipate a dovish tone.

At $1.1495 against the euro the dollar hasn’t budged a great deal, though it sits a fraction weaker from Tuesday’s three-month top of $1.1469.

Some of the largest movers overnight were the risk-sensitive Australian and New Zealand dollars, which tracked a rebound in the stock market, as a sharp selloff in technology shares abated.

The Aussie rose 0.3% overnight, bouncing from its 200-day moving average, to trade at $0.6508 in the Asia morning. The kiwi lifted from a seven-month low to buy $0.5665.

The Antipodean currencies’ gains came despite a sharp rise in US yields that followed some encouraging US labour data and hints from the Treasury Department of a future increase in debt sales.

The dollar gained marginally on the yen overnight and was steady at 153.93 yen on Thursday.

Oil prices, a key indicator of currency parity, regained a little ground on Thursday, buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite.

Having closed the previous session at two-week lows, Brent crude futures gained 47 cents, or 0.7%, to $63.99 a barrel by 1300 GMT while US West Texas Intermediate futures rose 51 cents, or 0.9%, to $60.11.

Inter-bank market rates for dollar on Thursday

BID                            Rs 280.85

OFFER                      Rs 281.05

Open-market movement

In the open market, the PKR lost 1 paisa for buying and gained 1 paisa for selling against USD, closing at 281.41 and 281.89, respectively.

Against Euro, the PKR lost 71 paise for buying and 73 paise for selling, closing at 323.43 and 326.70, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and gained 4 paise for selling, closing at 76.69 and 77.42, respectively.

Against Saudi Riyal, the PKR lost 2 paise for both buying and selling, closing at 74.97 and 75.59, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 281.41

OFFER                      Rs 281.89