Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee saw marginal improvement against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 280.41, a gain of Re0.01 against the greenback.
During the previous week, the Pakistan rupee posted marginal gain, appreciating by Re0.10 or 0.04% against the US dollar in the inter-bank market.
The local unit closed at 280.42, against 280.52 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Globally, the US dollar steadied on Monday after two weeks of selling, ahead of a week crammed with central bank meetings and headlined by the US Federal Reserve, where an interest rate cut is all but priced in, but a divided committee makes for a wild card.
Besides Wednesday’s Fed decision, central bank policy meetings are also due in Australia, Brazil, Canada and Switzerland, though no moves are expected outside of the Fed.
The euro, which has been trading in a reasonably tight range since June, hovered at $1.1644. The yen, which has found a footing after sliding through November, traded at 155.28 a dollar.
Analysts expect a “hawkish cut”, where the language of the statement, median forecasts and Chair Jerome Powell’s press conference point to a higher bar on further rate reduction.
That could support the dollar if it pushes investors to dial back expectations for two or three rate cuts next year.
Oil prices, a key indicator of currency parity, fell on Monday as investors monitored ongoing talks to end the war in Ukraine and ahead of an expected US Federal Reserve interest rate cut this week.
Brent crude futures fell by 85 cents, or 1.3%, to $62.90 a barrel by 1300 GMT, while US West Texas Intermediate crude was at $59.22, down 86 cents, or 1.4%.
Inter-bank market rates for dollar on Monday
BID Rs 280.41
OFFER Rs 280.61
Open-market movement
In the open market, the PKR gained 4 paise for buying and remained unchanged for selling against USD, closing at 280.87 and 281.45, respectively.
Against Euro, the PKR gained 2 paise for buying and 12 paise for selling, closing at 326.66 and 329.56, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and 2 paise for selling, closing at 76.54 and 77.30, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 74.81 and 75.44, respectively.
Open-market rates for dollar on Monday
BID Rs 280.87
OFFER Rs 281.45
Comments