Pakistani rupee sees 11th consecutive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.01% in the inter-bank market on Friday.

At close, the rupee settled at 281.90, a gain of Re0.02 against the greenback. This was rupee’s eleventh consecutive gain against the greenback.

On Thursday, the local unit closed the session at 281.92.

Internationally, the US dollar was steady on Friday, poised for a strong weekly performance as investors gear up for an eagerly anticipated speech from the Federal Reserve Chair Jerome Powell that could shape the near-term path for interest rates.

An unexpectedly weak July jobs report, coupled with big downward revisions to hiring in May and June, bolstered hopes of an imminent reduction in borrowing costs, with traders even pricing in a jumbo rate cut for the next meeting in September.

But since then, cautious comments from other policymakers and economic data flashing inflationary risks have tempered those expectations. Still, traders are pricing in a 75% chance of a 25-basis-point rate cut in September, down from 92% a week earlier, the CME FedWatch tool showed.

Federal Reserve officials appeared lukewarm on Thursday to the idea of a rate cut next month, setting the stage for Powell’s speech at the annual Jackson Hole conference in Wyoming, which kicked off on Thursday.

That might leave the dollar vulnerable after a steady but unspectacular rise in the past week. The euro last bought $1.1613, down 0.8% for the week, while sterling was steady at $1.3416, down nearly 1% for the week.

The dollar index, which measures the US currency against six rivals, was at 98.61, on course for a 0.7% rise in the week, snapping its two-week losing streak.

Oil prices, a key indicator of currency parity, were little changed on Friday as hopes for an imminent peace deal between Russia and Ukraine dimmed, putting prices on track for their first weekly gain in three weeks.

Brent crude futures were up 8 cents, or 0.12%, at $67.75 a barrel by 1200 GMT. West Texas Intermediate (WTI) crude futures gained 16 cents, or 0.25%, to $63.68.

Both contracts gained more than 1% in the previous session. Brent has risen 2.8% so far this week while WTI is up 1.4%.

Inter-bank market rates for dollar on Friday

BID                            Rs 281.90

OFFER                      Rs 282.10

Open-market movement

In the open market, the PKR gained 10 paise for buying and 11 paise for selling against USD, closing at 283.50 and 284.10, respectively.

Against Euro, the PKR gained 1.82 rupee for buying and 1.69 rupee for selling, closing at 327.46 and 329.18, respectively.

Against UAE Dirham, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 77.16 and 77.35, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.45 and 75.65, respectively.

Open-market rates for dollar on Friday

BID                            Rs 283.50

OFFER                      Rs 284.10