Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 279.56, a gain of Re0.01 against the greenback.
The State Bank of Pakistan (SBP) was closed on January 19 (Thursday) on account of the first day of Ramazan.
On Wednesday, the local currency closed at 279.57 against the dollar.
Earlier, the International Monetary Fund (IMF) said Pakistan’s reform efforts under its programme had helped stabilise the economy and rebuild confidence, citing improved fiscal discipline and stronger external accounts.
“Pakistan’s policy efforts under the EFF (Extended Fund Facility) have helped stabilise the economy and rebuild confidence,” said IMF Director of Communications, Julie Kozack, while responding to a question.
Meanwhile, the dollar was poised on Friday to cap its strongest weekly performance since October, buoyed by a run of better-than-expected economic data, a more hawkish Federal Reserve outlook and as tensions between the US and Iran kept markets on edge.
Overnight, the greenback got an added lift after data showed the number of Americans filing new applications for unemployment benefits fell more than expected last week, underscoring labour market stability.
It clung to gains in early Asia trade on Friday and left sterling languishing near a one-month low at $1.3457. It was headed for a weekly drop of nearly 1.5%.
The euro was similarly down a touch 0.02% at $1.1768 and set to lose 0.8% for the week, with the common currency also weighed down by uncertainty over European Central Bank President Christine Lagarde’s tenure.
Against a basket of currencies, the dollar hovered near Thursday’s one-month peak and was last at 97.89. It was on track for a weekly gain of more than 1%, which would mark its strongest performance in more than four months.
Oil prices, a key indicator of currency parity, traded near six-month highs on Friday, poised for their first weekly gain in three weeks on growing concern over potential conflict after Washington said Tehran will suffer if it does not agree to a nuclear deal in a matter of days.
Brent crude futures edged down 25 cents, or 0.35%, to $71.41 a barrel by 1130 GMT while US West Texas Intermediate crude lost 30 cents, or 0.45%, to $66.13.
Inter-bank market rates for dollar on Friday
BID Rs 279.56
OFFER Rs 279.76
Open-market movement
In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 280.04 and 280.62, respectively.
Against Euro, the PKR gained 99 paise for buying and 98 paise for selling, closing at 328.95 and 331.90, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 4 paisa for selling, closing at 76.45 and 77.19, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and 3 paise for selling, closing at 74.75 and 75.34, respectively.
Open-market rates for dollar on Friday
BID Rs 280.04
OFFER Rs 280.62
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