Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar, appreciating 0.01% during trading in the inter-bank market on Wednesday.
At close, the local currency settled at 281.12, up by Re0.03 against the US dollar.
On Tuesday, the local unit closed at 281.15.
In a key development, the International Monetary Fund (IMF) and Pakistan authorities reached a staff-level agreement on the second review under Pakistan’s 37-month Extended Fund Facility (EFF) and the first review under the 28-month Resilience and Sustainability Facility (RSF).
Internationally, the US dollar was on the defensive early on Wednesday after comments from Federal Reserve Chair Jerome Powell bolstered wagers on an interest rate cut this month.
The greenback had lost ground to the safe-haven yen and Swiss franc on Tuesday as Washington and Beijing traded volleys in a simmering tariff spat. The euro had also gained on the dollar after the French government proposed suspending landmark pension reforms.
The dollar index, which measures the US currency against those three peers along with three others, was flat at 99.055 as of 0011 GMT, after declining 0.2% in the prior session.
The greenback was steady at 151.80 yen, following a 0.3% slide on Tuesday, and was little changed at 0.8013 franc, having dropped 0.3% overnight.
The euro held firm at $1.1606 after gaining 0.3% in the previous session.
Powell left the door open to cutting rates at the Fed’s policy meeting on October 28-29 by saying the labor market remains mired in its low-hiring, low-firing doldrums, and that the absence of official economic data due to the government shutdown has not prevented policymakers from being able to assess the economic outlook, at least for now.
Markets are currently priced for a quarter-point cut this month and another in December, followed by three more next year, according to LSEG data.
Oil prices, a key indicator of currency parity, dipped on Wednesday, holding near a five-month low for a second day, pressured by escalating US-China trade tensions and the International Energy Agency’s prediction of a supply surplus in 2026.
Brent crude futures fell 23 cents, or 0.4%, to $62.16 a barrel at 11:11 am EDT (1511 GMT). US West Texas Intermediate futures fell 14 cents, or 0.2%, to $58.56. Both benchmarks were headed for their lowest closes since May 7 for a second day in a row.
Inter-bank market rates for dollar on Wednesday
BID Rs 281.12
OFFER Rs 281.32
Open-market movement
In the open market, the PKR lost 2 paise for buying and gained 5 paise for selling against USD, closing at 281.63 and 282.15, respectively.
Against Euro, the PKR lost 1.45 rupee for buying and 1.09 rupee for selling, closing at 326.97 and 330.07, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and lost 1 paisa for selling, closing at 76.76 and 77.55, respectively.
Against Saudi Riyal, the PKR gained 2 paise for buying and 1 paisa for selling, closing at 75.01 and 75.65, respectively.
Open-market rates for dollar on Wednesday
BID Rs 281.63
OFFER Rs 282.15
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