Pakistani rupee sees 20th successive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Thursday.

At close, the rupee settled at 281.67, a gain of Re0.04 against the greenback. This was the rupee’s 20th successive gain against the greenback.

On Wednesday, the local unit closed at 281.71.

Internationally, the US dollar softened on Thursday in a volatile week as investors contended with bond market jitters while weighing data that showed a weakening labour market, which reinforced expectations the Federal Reserve will cut rates this month.

With the Fed focused on the labour market, Friday’s crucial jobs report will set the tone for the near-term rate outlook after data on Wednesday showed job openings fell to a 10-month low in July, although layoffs remained relatively low.

Traders are pricing in about 97% chance of the Fed cutting interest rates later this month, up from 89% a week earlier, CME FedWatch showed. They are also pricing in 139 basis points of easing by the end of next year.

The softer-than-expected job openings data weighed on the dollar. The euro held onto its overnight gains and last bought $1.165775. After a bruising week, sterling was steady at $1.3442 in early Asian hours.

The Japanese yen last fetched 148.12 per dollar after eking out a small gain in the previous session.

The dollar index, which measures the US currency against six other units, stood at 98.178 after easing 0.17% on Wednesday.

Several Federal Reserve officials who spoke on Wednesday said labour market worries continue to underpin their view that rate cuts still lie ahead for the central bank.

Oil prices, a key indicator of currency parity, fell 1.5% on Thursday, adding to their more than 2% decline the previous session, as investors awaited a weekend meeting of OPEC+ at which producers are expected to consider another increase in output targets.

Brent crude fell 89 cents, or 1.3%, to $66.71 a barrel by 1301 GMT, while U.S. West Texas Intermediate crude shed 85 cents, or 1.3%, to $63.12 a barrel.

Inter-bank market rates for dollar on Thursday

BID                            Rs 281.67

OFFER                      Rs 281.86

Open-market movement

In the open market, the PKR gained 12 paise for buying and 10 paise for selling against USD, closing at 282.33 and 283.20, respectively.

Against Euro, the PKR gained 1 paise for buying and 3 paise for selling, closing at 328.10 and 330.00, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.87 and 77.10, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 75.17 and 75.40, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 282.33

OFFER                      Rs 283.20