Pakistani rupee registers 10th successive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee maintained its upward trend against the US dollar, with marginal appreciation of 0.01% in the inter-bank market on Thursday.

At close, the rupee settled at 281.92, a gain of Re0.03 against the greenback. This was rupee’s tenth successive gain against the greenback.

On Wednesday, the local unit had closed the session at 281.95.

The rupee 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 drifted on Thursday as investors fretted about the Federal Reserve’s independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates.

Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the US central bank.

The Japanese yen held onto gains made in previous sessions and was little changed at 147.41 per dollar, while the euro was steady at $1.1642. Sterling last fetched $1.34535.

That left the dollar index, which measures the US currency against six other peers, steady at 98.301.

Trump has repeatedly criticised Powell for being too slow to cut rates, stoking investor worries about the central bank’s independence and its credibility.

Oil prices, a key indicator of currency parity, rose 1% on Thursday, bolstered by signs of strong demand in the United States, with uncertainty over efforts to end the war in Ukraine also lending support.

Brent crude futures were close to a two-week high and up 64 cents, or around 1%, to $67.48 a barrel at 1012 GMT. US West Texas Intermediate (WTI) crude futures were up 65 cents, or 1%, to $63.36 a barrel.

Both contracts climbed over 1% in the prior session.

Inter-bank market rates for dollar on Thursday

BID                            Rs 281.92

OFFER                      Rs 282.12

Open-market movement

In the open market, the PKR gained 13 paise for buying and 9 paise for selling against USD, closing at 283.60 and 284.21, respectively.

Against Euro, the PKR lost 19 paise for buying and 10 paise for selling, closing at 329.28 and 330.87, respectively.

Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 77.16 and 77.40, respectively.

Against Saudi Riyal, the PKR gained 4 paise for buying and 5 paise for selling, closing at 75.44 and 75.65, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 283.60

OFFER                      Rs 284.21