Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain, appreciating 0.01% against the US dollar in the inter-bank market on Thursday.
At close, the local currency settled at 279.32, a gain of Re0.03 against the greenback.
On Wednesday, the local unit closed at 279.35.
Earlier, IMF mission chief Iva Petrova said that Pakistan and the International Monetary Fund (IMF) have made “considerable progress” in discussions on the third review of the country’s Extended Fund Facility (EFF) programme, adding that talks will continue in the coming days to further assess the impact of recent global developments on the economy.
In a statement, she said that the IMF mission and the Pakistani authorities held discussions on the third review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and the second review of the 28-month arrangement under the Resilience and Sustainability Facility (RSF).
“While considerable progress was made in the discussions, these will continue in the coming days, including to more fully assess the impact of recent global developments on Pakistan’s economy and the EFF-supported program,” the IMF chief said.
Globally, US dollar hovered close to its strongest levels this year on Thursday as climbing oil prices threatened to spur inflation and force central banks globally to adopt more hawkish policy stances.
The euro fell 0.1% against the greenback to $1.1549 in early Asian trading, nearing its lowest level since November.
Japan’s yen briefly declined past the 159-per-dollar mark, easing as much as 0.2% to 159.23 and approaching its weakest level since July 2024.
The Australian dollar dropped 0.1% at $0.7148, while the New Zealand dollar slid 0.1% to $0.5907.
Moreover, oil prices jumped on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures rose $8.54, or 9.28%, to $100.52 a barrel at 0354 GMT, while US West Texas Intermediate crude was up $7.22, or 8.28%, to $94.47.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after US President Donald Trump said the Iran war could be over soon.
Inter-bank market rates for dollar on Thursday
BID Rs 279.32
OFFER Rs 279.52
Open-market movement
In the open market, the PKR gained 7 paise for buying and 4 paise for selling against USD, closing at 279.51 and 280.37, respectively.
Against Euro, the PKR gained 1.86 rupee for buying and 1.96 rupee for selling, closing at 321.77 and 325.61, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 2 paise for selling, closing at 75.77 and 76.78, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 73.87 and 74.92, respectively.
Open-market rates for dollar on Thursday
BID Rs 279.51
OFFER Rs 280.37
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