Rupee sees improvement against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.07% in the inter-bank market on Wednesday.

At close, the currency settled at 284.76, a gain of Re0.21.

On Tuesday, the currency settled at 284.97.

Internationally, the US dollar was on a shaky footing against the yen on Wednesday, having lost ground overnight, after US President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline.

The US currency has been one of the biggest losers since Trump announced sweeping tariffs on trading partners on April 2, only to delay and suspend most of the duties as his administration sought bilateral trade deals.

In a post on Truth Social, Trump said that a tariff rate of 15% was set on imports from Japan, down from the 25% rate that was expected to take effect from August 1, and added that the Asian nation will invest $550 billion in the United States.

The dollar was largely flat at 146.61 yen, having slid 0.5% in the previous session. The dollar index, which tracks the greenback against major peers, was little changed at 97.430 after a three-day decline. The gauge has lost 6.6% since Trump’s “Liberation Day” tariff announcement on April 2.

US Treasury Secretary Scott Bessent said on Monday the administration is more concerned with the quality of trade agreements than the timing.

Oil prices, a key indicator of currency parity, fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a US tariff deal with Japan ahead of a US stocks data announcement.

Brent crude futures were down 50 cents, or 0.7%, at $68.09 a barrel as of 1119 GMT. US West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.84 per barrel.

Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against US tariffs.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 284.76

OFFER                      Rs 284.95

Open-market movement

In the open market, the PKR gained 60 paise for buying and 30 paise for selling against USD, closing at 286.79 and 288.30, respectively.

Against Euro, the PKR lost 6 paise for buying and gained 1.59 rupee for selling, closing at 335.96 and 337.41, respectively.

Against UAE Dirham, the PKR gained 22 paise for buying and 60 paise for selling, closing at 78.17 and 78.50, respectively.

Against Saudi Riyal, the PKR gained 24 paise for buying and 47 paise for selling, closing at 76.42 and 76.80, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 286.79

OFFER                      Rs 288.30