Rupee strengthens against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

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

At close, the currency settled at 281.27, a gain of Re0.04 against the greenback.

On Wednesday, the local unit closed at 281.31.

Internationally, the US dollar regained its footing in early Asian trading on Thursday after the US Supreme Court said it would hear arguments in January over President Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook, leaving her in the post for now.

The dollar’s broader index measure against a basket of key currencies edged up 0.1% to 97.80, retracing declines after four straight days of losses, as traders pondered the length of the US government shutdown and its effect on economic data releases.

The US government shutdown has put the brakes on the flow of federal economic data at a moment of uncertainty and division among policymakers.

The Trump administration on Wednesday froze $26 billion for Democratic-leaning states, following through on a threat to use the shutdown to target Democratic priorities.

The market is assuming that further policy easing at the Federal Reserve’s October meeting is a lock, with Fed funds futures implying a 99.4% probability of a 25-basis-point cut, up from 96.2% a day earlier, according to the CME Group’s FedWatch tool.

Against the yen, the dollar traded at 147.305 yen , up 0.2% from late US levels.

Against the offshore yuan, the dollar fetched 7.13 yuan, up 0.1% in early Asian trade. Chinese markets are closed for the Golden Week holiday.

Oil prices, a key indicator of currency parity, prices fell over 1% to their lowest in four months on Thursday, extending a run of declines into a fourth day, due to concerns about oversupply in the market ahead of a meeting of the OPEC+ group over the weekend.

Brent crude futures fell 80 cents, or 1.2%, to $64.55 a barrel at 11:27 am ET (1527 GMT). US West Texas Intermediate crude dropped by 75 cents, also 1.2%, to $61.03 a barrel.

Inter-bank market rates for dollar on Thursday

BID                            Rs 281.27

OFFER                      Rs 281.47

Open-market movement

In the open market, the PKR gained 3 paise for buying and 5 paise for selling against USD, closing at 281.88 and 282.30, respectively.

Against Euro, the PKR gained 9 paise for buying and lost 1 paisa for selling, closing at 330.61 and 333.70, respectively.

Against UAE Dirham, the PKR lost 8 paise for buying and gained 3 paise for selling, closing at 76.88 and 77.53, respectively.

Against Saudi Riyal, the PKR lost 6 paise for buying and gained 1 paisa for selling, closing at 75.08 and 75.65, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 281.88

OFFER                      Rs 282.30