Rupee registers gain against US dollar
- Currency settles at 281.37 against greenback in inter-bank market
Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.01% on Friday.
At close, the currency settled at 281.37, a gain of Re0.04 against the greenback.
On Thursday, the local unit closed at 281.41.
Internationally, the US dollar held on to steep gains on Friday after better-than-forecast US data dampened expectations for further easing by the Federal Reserve this year.
The dollar index, which measures the greenback against major peers, climbed 0.6% in the previous session after figures on US economic growth, unemployment claims, durable goods, and wholesale inventories all beat expectations.
The yen traded at an eight-week low following a new raft of tariffs announced by US President Donald Trump. Attention now turns to Friday’s release of US consumer spending data for signals of how urgently the economy needs additional stimulus from the Fed.
The dollar index was steady at 98.473, near a three-week high and on course for a 0.8% rise this week.
The greenback was flat at 149.81 yen after nearly breaking through the 150 mark for the first time since August 1. The euro stood at $1.1665 after a 0.6% slide on Thursday.
Markets are now pricing in an 87.7% chance of a 25 basis point (bp) rate cut from the Fed in October, down from 90%-92% odds indicated on Wednesday.
Oil prices, a key indicator of currency parity, climbed on Friday, on track for a weekly gain of more than 4%, as Ukraine’s attacks on Russia’s energy infrastructure prompted Moscow to curb fuel exports.
Brent futures gained 89 cents, or 1.28% to $70.31 a barrel by 9:46 a.m. CDT (1446 GMT). US West Texas Intermediate (WTI) crude rose by $1.16, or 1.79% to $66.14 a barrel.
Inter-bank market rates for dollar on Friday
BID Rs 281.37
OFFER Rs 281.57
Open-market movement
In the open market, the PKR lost 1 paisa for buying and gained 5 paise for selling against USD, closing at 281.94 and 282.40, respectively.
Against Euro, the PKR gained 1.62 rupee for buying and 1.78 rupee for selling, closing at 329.41 and 332.81, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 4 paise for selling, closing at 76.92 and 77.70, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and lost 3 paise for selling, closing at 75.09 and 75.77, respectively.
Open-market rates for dollar on Friday
BID Rs 281.94
OFFER Rs 282.40
Comments
Comments are closed for this article.