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 Thursday.
At close, the local currency settled at 279.50, registering a gain of Re0.01 against the greenback.
On Wednesday, the local currency closed at 279.51 against the US dollar, according to the State Bank of Pakistan (SBP).
Meanwhile, the dollar began the day on the back foot during the Asian trading session on Thursday, as better-than-expected earnings from Nvidia boosted investor confidence and markets awaited details of the latest US tariffs on imports of foreign goods.
Financial markets continue to believe almost unanimously US interest rates are going nowhere at the Federal Reserve’s next meeting. Fed funds futures are pricing an implied 98% probability the US central bank will keep rates on hold at its next two-day meeting on 18 March, little changed from a day earlier, according to the CME Group’s FedWatch tool.
Against the Chinese yuan, in offshore trade, the US dollar was last flat at 6.854 yuan, the strongest levels for the Chinese currency in three years.
The euro was last flat at $1.1815, while the British pound was also little changed at $1.3555.
The Australian dollar was steady at $0.7127, while the New Zealand dollar briefly slipped below the $0.60 mark against its US counterpart before recovering, last trading flat at $0.6001.
Bitcoin extended losses and was last down 1.0% at $68,218.64, while ether tumbled 1.9% to $2,060.31.
Furthermore, oil prices fell on Thursday after the biggest jump in US crude inventories in three years, with signs of weakness in the physical oil market also weighing on prices, while traders assess the supply implications arising from US-Iran talks.
Brent crude futures were down $1.05, or 1.5%, at $69.80 a barrel by 1235 GMT. WTI futures lost $1.26, or 1.9%, to $64.16.
Inter-bank market rates for dollar on Thursday
BID Rs 279.50
OFFER Rs 279.70
Open-market movement
In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 279.98 and 280.56, respectively.
Against Euro, the PKR lost 46 paise for buying and 53 paise for selling, closing at 330.37 and 333.29, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 76.44 and 77.17, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 74.77 and 75.37, respectively.
Open-market rates for dollar on Thursday
BID Rs 279.98
OFFER Rs 280.56
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