Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its upward momentum against the US dollar, appreciating 0.03% in the inter-bank market on Friday.
At close, the currency settled at 282.47, a gain of Re0.09.
On Thursday, the currency settled at 282.56.
Globally, the US dollar was under pressure on Friday and was on course for a weekly fall as US President Donald Trump’s temporary choice for a fill-in Federal Reserve Governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends.
Sterling hovered near a two-week high, clinging to Thursday’s sharp gains as the Bank of England cut interest rates but only after a narrow 5-4 vote, which showed the central bank’s easing bias lacked conviction.
Meanwhile, Trump’s decision to nominate Council of Economic Advisers Chairman Stephen Miran to serve on a newly vacant seat at the Fed, while White House seeks a permanent addition, weighed on the dollar.
Miran replaces Governor Adriana Kugler following her surprise resignation last week.
Trump has repeatedly criticised Powell for not cutting interest rates, and while he has backed off threats to oust Powell before his term ends on May 15 has accelerated the search for a replacement.
Fed Governor Christopher Waller is emerging as a top candidate to be the next chair, Bloomberg News reported on Thursday.
Against a basket of peers, the dollar is down nearly 0.7% on the week so far as concerns over softening US economic momentum, especially in the labour market, boosted hopes of Fed rate cuts.
The dollar index was last at 98.04 in early trading on Friday. The Japanese yen was flat at 147.07 per dollar.
Oil prices, a key indicator of currency parity, edged higher on Friday but was poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between US President Donald Trump and Russian counterpart Vladimir Putin.
Brent crude futures were up 52 cents, or 0.78%, at $66.95 a barrel by 1104 GMT. US West Texas Intermediate crude futures rose 43 cents, or 0.67%, to $64.31.
Brent was on track to be down 3.9% over the week while WTI was set to finish 4.5% lower than last Friday’s close.
Inter-bank market rates for dollar on Friday
BID Rs 282.47
OFFER Rs 282.66
Open-market movement
In the open market, the PKR gained 10 paise for both buying and selling against USD, closing at 283.86 and 284.90, respectively.
Against Euro, the PKR gained 57 paise for buying and 66 paise for selling, closing at 330.10 and 332.20, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 77.29 and 77.55, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and 5 paise for selling, closing at 75.53 and 75.85, respectively.
Open-market rates for dollar on Friday
BID Rs 283.86
OFFER Rs 284.90
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