Rupee sees 6th successive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee continued to march upwards against the US dollar, appreciating 0.06% in the inter-bank market on Friday.

At close, the currency settled at 282.06, a gain of Re0.16.

On Wednesday, the rupee had closed at 282.22.

The inter-bank was closed on Thursday on account of the Independence Day holiday.

The local currency has maintained a positive trajectory against the greenback in recent days on account of improved sentiment in the currency market amid an ongoing crackdown by law enforcement agencies against illegal currency dealers and smugglers.

Internationally, the US dollar held on to previous session gains on Friday after hotter-than-expected inflation data prompted traders to trim wagers on rate cuts by the US Federal Reserve.

The euro and sterling were steady against the dollar after falling 0.5% and 0.3% on Thursday, respectively, while the Japanese yen rose 0.3% to 147.395 following stronger-than-expected GDP data for the second quarter.

Overnight, markets had to contend with US producer prices showing the quickest rise in three years in July amid a surge in the costs of goods and services, pointing to a broad pick up in inflationary pressures, which analysts say could pose a dilemma for the Fed.

The hot measure of producer price inflation followed a comforting consumer inflation outcome earlier in the week, which had boosted expectations of policy easing in the world’s largest economy and helped lift risk assets across the board.

Odds of a 25-basis-point cut by the US central bank retreated slightly after the producer price figures, per CME’s FedWatch tool.

Oil prices, a key indicator of currency parity, declined on Friday as traders awaited talks between US President Donald Trump and Russian leader Vladimir Putin, which some say could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine.

Brent crude futures were down 89 cents, or 1.3%, at $65.95 a barrel by 1315 GMT.

US West Texas Intermediate crude futures were 97 cents, or 1.5%, lower at $62.99.

Inter-bank market rates for dollar on Friday

BID                            Rs 282.06

OFFER                      Rs 282.26

Open-market movement

In the open market, the PKR gained 20 paise for buying and 19 paise for selling against USD, closing at 283.50 and 284.55, respectively.

Against Euro, the PKR gained 1.13 rupee for buying and 1.07 rupee for selling, closing at 330.12 and 332.31, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and 4 paise for selling, closing at 77.18 and 77.45, respectively.

Against Saudi Riyal, the PKR gained 8 paise for buying and 11 paise for selling, closing at 75.41 and 75.70, respectively.

Open-market rates for dollar on Friday

BID                            Rs 283.50

OFFER                      Rs 284.55