Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal improvement against the US dollar in the inter-bank market on Thursday.
At close, the local currency settled at 279.80, a gain of Re0.01 against the greenback.
On Wednesday, the local unit closed at 279. 81.
Internationally, the US dollar remained on shaky ground on Thursday, as uncertainty over US economic policies and geopolitical moves were only partially offset by supportive comments from the White House and European officials following a rout in the currency.
On the monetary policy front, the Federal Reserve struck a more sanguine tone on the US labour market and inflation risks overnight, which investors took to imply that rates could be on hold for longer.
The dollar was in free fall earlier this week and hit a four-year low after US President Donald Trump seemed to shrug off the currency’s weakness, though it found a floor after Treasury Secretary Scott Bessent said a day later that Washington has a strong-dollar policy.
The dollar selloff from earlier this week had been the sharpest since Trump’s tariff blitz rocked markets last April.
Already down 2% for the year, its weakness has been driven by concern over Trump’s erratic policymaking, attacks on the Fed and what it could mean for the rate outlook and, most recently, signals on Friday that the US was willing to sell dollars to help Japan boost the yen.
Against a basket of currencies, the dollar was at 96.24, languishing near Tuesday’s four-year low of 95.566.
Oil prices, a key indicator of currency parity, jumped on Thursday, hitting a near six-month high on rising concerns about a possible US military attack on Iran, OPEC’s fourth-largest producer with output of 3.2 million barrels per day.
Brent crude futures were up $2.61, or 3.8%, to $71.01 a barrel at 1404 GMT, reaching its highest level since August 1. The contract is on track to rise over 16% in January, its biggest monthly increase in four years.
US West Texas Intermediate crude was up $2.54, or 4%, to $65.75 a barrel. WTI futures earlier reached $65.80 a barrel, a four-month high, and were on track for a 14% monthly gain, the biggest since July 2023.
Inter-bank market rates for dollar on Thursday
BID Rs 279.80
OFFER Rs 280.00
Open-market movement
In the open market, the PKR gained 10 paise for buying and remained unchanged for selling against USD, closing at 280.13 and 280.88, respectively.
Against Euro, the PKR gained 41 paise for buying and 26 paise for selling, closing at 334.85 and 338.26, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 76.50 and 77.30, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 74.80 and 75.42, respectively.
Open-market rates for dollar on Thursday
BID Rs 280.13
OFFER Rs 280.88
Comments