Rupee registers slight improvement against US dollar
- Currency settles at 279.82 against greenback
Rupee's Performance Against US Dollar Since 15 Jan 2025
The Pakistani rupee recorded marginal improvement against the US dollar, appreciating 0.02% in the inter-bank market on Thursday.
At close, the rupee settled at 279.82, a gain of Re0.05 against the greenback.
On Wednesday, the rupee had closed at 279.87.
Internationally, the euro extended four-month highs to the US dollar on Thursday, following a surge in European bond yields on Germany’s proposed 500 billion euro ($539.85 billion) infrastructure fund and overhaul in borrowing limits.
The greenback wallowed near a four-month trough against a basket of major peers as US President Donald Trump’s administration gave a one-month reprieve on auto import levies to Canada and Mexico, again showing how rapidly the trade landscape can shift.
The risk-sensitive sterling and Australian dollar benefitted, with the British currency touching a four-month peak.
The Aussie reached a one-week high, buoyed additionally by solid economic growth at home and pledges of more stimulus from top trading partner China. The yuan traded offshore stood close to Wednesday’s nine-day high.
The US dollar index was little changed at 104.31, after easing to 104.25 overnight for the first time since November 8.
The US dollar gained 0.2% against the safe-haven yen, however, to be last at 149.17 yen.
Oil prices, a key indicator of currency parity, rose on Thursday after heavy sell-offs drove the market to a multi-year low, however tariff uncertainties and a rising supply outlook capped gains.
Brent futures were trading up 50 cents, or 0.72%, at $69.80 a barrel by 0716 GMT, while US West Texas Intermediate crude (WTI) futures climbed 48 cents, or 0.72%, to $66.79 a barrel.
Brent plunged 6.5% in the previous four sessions, dropping to its lowest since December 2021 on Wednesday, while WTI fell 5.8% over the same period to its lowest since May 2023.
Inter-bank market rates for dollar on Thursday
BID Rs279.85
OFFER Rs280.05
Open-market movement
In the open market, the PKR lost 5 paise for buying and remained unchanged for selling against USD, closing at 279.05 and 281.30, respectively.
Against Euro, the PKR lost 3.59 rupees for buying and 4.05 rupees for selling, closing at 300.61 and 303.64, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 76.06 and 76.60, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and remained unchanged for selling, closing at 74.43 and 75.00, respectively.
Open-market rates for dollar on Thursday
BID Rs279.05
OFFER Rs281.30
Comments
Comments are closed for this article.