Pakistani rupee records 15th concecutive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

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

At close, the rupee settled at 281.80, a gain of Re0.03 against the greenback. This was rupee’s 15th successive gain against the greenback.

On Wednesday, the local unit closed the session at 281.83.

Internationally, the US dollar started Thursday on the back foot as traders added to bets for a Federal Reserve interest rate reduction next month after New York Fed chief John Williams signalled a cut was possible.

The US currency has also come under renewed pressure from President Donald Trump’s ramped-up campaign to exert more influence over monetary policy decisions, as he attempts to fire Fed Governor Lisa Cook and replace her with a loyalist.

The dollar weakened against the euro even as France’s prime minister unexpectedly called a confidence vote for next month, which is likely to result in the fall of his minority government.

The dollar index, which gauges the currency against six major peers, was steady at 98.135, following two days of declines.

The euro added 0.07% to $1.1646, and sterling edged up 0.03% to $1.3504.

The dollar slipped 0.11% to 0.8017 Swiss franc, although it ticked up 0.05% to 147.47 yen.

Oil prices, a key indicator of currency parity, edged lower on Thursday after rising in the previous session, pressured by expectations of lower U.S. fuel demand at the end of the summer travel season and by the restart of Russian supply to Hungary and Slovakia through the Druzhba pipeline.

Crude had risen on Wednesday after official data showed U.S. crude inventories fell by 2.4 million barrels in the week ended August 22, compared with analysts’ expectations in a Reuters poll for a 1.9-million-barrel draw, a sign of strong demand.

Inter-bank market rates for dollar on Thursday

BID                            Rs 281.80

OFFER                      Rs 282.00

Open-market movement

In the open market, the PKR gained 9 paise for buying and 10 paise for selling against USD, closing at 282.86 and 283.70, respectively.

Against Euro, the PKR lost 1.03 rupee for buying and 1.13 rupee for selling, closing at 328.43 and 330.40, respectively.

Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 76.96 and 77.25, respectively.

Against Saudi Riyal, the PKR gained 4 paise for buying and 5 paise for selling, closing at 75.26 and 75.55, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 282.86

OFFER                      Rs 283.70