Rupee's Performance Against US Dollar Since 17 Jan 2025
The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday.
At close, the currency settled at 279.97, a loss of Re0.02 against the greenback.
On Tuesday, the rupee had closed at 279.95.
Internationally, the US dollar languished near a five-month low versus major peers on Wednesday, as worries about the US economy continued to simmer under President Donald Trump’s unpredictable trade policies.
The euro hovered close to a five-month peak on increased optimism for an end to the war in Ukraine.
The Canadian dollar endured a volatile session overnight after Trump pledged to double tariffs on steel and aluminium to 50%, only to reverse course just hours later. The Bank of Canada decides policy on Wednesday, with traders fully expecting another quarter-point interest rate cut.
The US dollar index, which measures the currency against a basket of six major peers, was flat at 103.47 in early Asian trade, following a 0.46% slide on Tuesday that took it as low as 103.21 for the first time since October 16.
A run of softer US economic data continued on Tuesday with small-business confidence dropping for a third straight month in February. Investors have been on edge since Trump refrained from ruling out the possibility of a recession under his trade policies in a Sunday interview with Fox News.
Oil prices, a key indicator of currency parity, edged up on Wednesday, buoyed by a weaker dollar, but mounting fears of a US economic slowdown and the impact of tariffs on global economic growth capped gains.
Brent futures rose 13 cents, or 0.2%, to $69.69 a barrel at 0730 GMT, while US West Texas Intermediate crude futures gained 13 cents, or 0.2%, to $66.38 a barrel.
Inter-bank market rates for dollar on Wednesday
BID Rs279.97
OFFER Rs280.17
Open-market movement
In the open market, the PKR lost 4 paise for buying and 9 paise for selling against USD, closing at 279.50 and 281.59, respectively.
Against Euro, the PKR lost 0.83 paise for buying and 0.82 paise for selling, closing at 304.35 and 307.05, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and gained 1 paisa for selling, closing at 76.14 and 76.70, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 74.52 and 75.00, respectively.
Open-market rates for dollar on Wednesday
BID Rs279.50
OFFER Rs281.59
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