Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal decline against the US dollar, depreciating 0.05% in the interbank market on Wednesday.
At close, the local currency settled at 283.55, a loss of Re0.14 against the greenback.
On Tuesday, the local unit closed at 283.41.
Internationally, the US dollar held on to gains against major currencies early on Wednesday, buoyed by demand for safety as conflict between Israel and Iran kept investors on edge ahead of a Federal Reserve decision on interest rates later in the day.
Israel has pounded Iran over the past six days to halt its nuclear activity and has asserted the need for a change of government in the Islamic republic.
The US military is also bolstering its presence in the region, Reuters reported, sparking speculation of US intervention which investors fear could spread into a region replete with energy resources, supply chains and infrastructure.
Against this backdrop, the US dollar has found support as a safe bid, firming roughly 1% against the Japanese yen, Swiss franc and euro since Thursday, helping it shave declines from earlier in the year.
The greenback had lost more than 8% earlier in the year due to eroding confidence in the U.S. economy amid trade policies.
The US dollar firmed as much as 0.1% against the yen on Wednesday to touch a one-week top. It was last at 145.21 yen.
In early Asia trade, the Swiss franc was flat at 0.816 a dollar and the euro was up 0.1% at $1.149. A broader index tracking the greenback against six other currencies was little changed after a 0.6% jump in the previous trading session.
Oil prices, a key indicator of currency parity, steadied on Wednesday after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement.
Brent crude futures gained 16 cents, or 0.2%, to $76.61 a barrel by 1058 GMT. US West Texas Intermediate crude futures rose 17 cents, also 0.2%, to $75.01 per barrel. Both contracts were down over 1% earlier in the session.
US President Trump warned on social media on Tuesday that U.S. patience was wearing thin, and called for an “unconditional surrender” from Iran, an option that Iran’s leader Ayatollah Ali Khamenei rejected on Wednesday.
Inter-bank market rates for dollar on Wednesday
BID Rs 283.55
OFFER Rs 283.75
Open-market movement
In the open market, the PKR lost 6 paise for buying and 18 paise for selling against USD, closing at 283.86 and 285.58, respectively.
Against Euro, the PKR gained 1.04 rupee for buying and 1.35 rupee for selling, closing at 325.21 and 328.33, respectively.
Against UAE Dirham, the PKR lost 9 paise for buying and 11 paise for selling, closing at 77.13 and 77.92, respectively.
Against Saudi Riyal, the PKR lost 11 paise for buying and 12 paise for selling, closing at 75.40 and 76.16, respectively.
Open-market rates for dollar on Wednesday
BID Rs 283.86
OFFER Rs 285.58
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