Rupee inches up against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee improved against the US dollar, appreciating 0.03% during the interbank market on Thursday.

At close, the currency settled at 283.86, a gain of Re0.09.

On Wednesday, the currency settled at 283.95.

Internationally, the US dollar wobbled on Thursday after a trade agreement between the United States and Vietnam fuelled optimism over potential future deals ahead of a July 9 tariff deadline, while investors looked to payrolls to assess the Federal Reserve’s next steps.

Sterling firmed slightly after a sharp drop the previous session as British Prime Minister Keir Starmer’s office rushed to give Finance Minister Rachel Reeves his full backing, hoping to allay investor worries about Britain’s finances.

The pound dropped nearly 1% and British government bonds tumbled on Wednesday, as a tearful appearance by Reeves in parliament a day after the government backed down on its welfare reforms reignited concern over Britain’s finances.

The pound last fetched $1.3647, slightly higher in Asian hours, while the euro was steady at $1.1806, hovering close to the September 2021 top it touched earlier this week. The yen firmed a bit to 143.56 per dollar.

The dollar index, which measures the US currency against six other units, was at 96.701, still near the 3-1/2-year lows it has been rooted to this week. The index is on course for a 0.5% drop in the week.

Investor attention will be on the US Labor Department’s comprehensive employment report for June, due to be released on Thursday ahead of the July 4 holiday after data showed private payrolls fell for the first time in more than two years in June.

Oil prices, a key indicator of currency parity, reversing gains from the previous session, on concerns over weak U.S. demand after government data showed a surprise build in inventories in the world’s biggest crude consumer.

Brent crude futures fell 24 cents, or 0.35%, to $68.87 a barrel by 0044 GMT after gaining 3% on Wednesday. U.S. West Texas Intermediate crude fell 24 cents, or 0.36%, to $67.21 a barrel after climbing 3.1% previously.

The U.S. Energy Information Administration said on Wednesday domestic crude inventories rose by 3.8 million barrels to 419 million barrels last week. Analysts in a Reuters poll had expected a drawdown of 1.8 million barrels.

Inter-bank market rates for dollar on Thursday

BID                            Rs 283.86

OFFER                      Rs 284.06

Open-market movement

In the open market, the PKR gained 1 paisa for buying and lost 1 paisa for selling against USD, closing at 285.06 and 286.40, respectively.

Against Euro, the PKR lost 29 paise for buying and gained 17 paise for selling, closing at 336.07 and 338.36, respectively.

Against UAE Dirham, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 77.68 and 78.10, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 75.98 and 76.40, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 285.06

OFFER                      Rs 286.40