Rupee's Performance Against US Dollar Since 23 Jan 2025
The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Friday.
At close, the currency settled at 280.26, a fall of Re0.03 against the greenback.
On Thursday, the rupee had closed at 280.23.
Internationally, the US dollar was on the front foot against major peers on Friday after its best single-day performance for three weeks with the Federal Reserve indicating no rush to cut interest rates.
The risk-sensitive Australian and New Zealand dollars remained on the defensive after steep slides on Thursday as worries about the economic drag from US President Donald Trump’s aggressive campaign of global trade tariffs dented sentiment.
The US dollar index measure against a basket of six counterparts was steady at 103.81 as of 0036 GMT, after climbing 0.36% on Thursday.
The index plumped a five-month low at 103.19 this week following a steady decline from the highest since late 2022 at 110.17 on January 13 as hopes for expansive policies under Trump gave way to anxiety that the global trade war he started could trigger a US recession.
Fed policymakers held rates steady on Wednesday and signaled two quarter-point cuts for later this year, the same median forecast as three months ago.
Oil prices, a key indicator of currency parity, rose in early Asian trading on Friday, and were set for their second consecutive weekly gains, after fresh US sanctions on Iran and a new OPEC+ plan for seven members to cut output raised bets on tightening supply.
Brent crude futures climbed 42 cents, or 0.6%, to $72.40 per barrel by 0026 GMT.
US West Texas Intermediate crude futures were up 45 cents, or 0.6%, to $68.52 a barrel.
On a weekly basis, both Brent and WTI were on track to rise about 2%, their biggest weekly gains since the first week of 2025.
Inter-bank market rates for dollar on Friday
BID Rs 280.26
OFFER Rs 280.46
Open-market movement
In the open market, the PKR gained 3 paise for buying and 1 paisa for selling against USD, closing at 279.92 and 282.06, respectively.
Against Euro, the PKR gained 1.51 rupee for buying and 1.55 rupee for selling, closing at 302.80 and 305.89, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.20 and 76.80, respectively.
Against Saudi Riyal, the PKR gained 2 paise for both buying and selling, closing at 74.67 and 75.26, respectively.
Open-market rates for dollar on Friday
BID Rs 279.92
OFFER Rs 282.06
Comments
Comments are closed for this article.