Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal improvement against the US dollar in the inter-bank market on Wednesday.
At close, the currency settled at 280.96, a gain of Re0.01 against the greenback.
On Tuesday, the local unit had closed at 280.97, the highest in nearly six months.
Globally, the US dollar hovered close to a one-week low versus major peers on Wednesday ahead of a widely expected interest rate cut from the Federal Reserve later in the day.
The greenback lost additional ground against the Japanese yen after US Treasury Secretary Scott Bessent signaled the new Japanese government is open to Bank of Japan rate hikes, ahead of a policy decision on Thursday.
Australia’s dollar reversed an earlier small decline to rise 0.3% to $0.6604 after hotter-than-expected consumer price data raised doubts about a rate reduction from the central bank next week.
Currency traders are also keeping a close eye on a scheduled meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on Thursday in South Korea to decide on a framework that could pause tougher US tariffs and China’s rare-earth export curbs.
The US dollar index, which measures the currency against six rivals, was steady at 98.681 after slipping 0.1% on Tuesday for a second straight day of declines.
Oil prices, a key indicator of currency parity, rose 1% on Wednesday after data showed US crude and fuel inventories drew down more than expected last week, and as US President Donald Trump’s optimistic tone over upcoming talks with his Chinese counterpart helped ease economic jitters.
Brent crude futures were up 78 cents, or 1.2%, to $65.18 a barrel by 11:19 a.m. ET (1519 GMT), while US West Texas Intermediate crude futures gained 72 cents, also 1.2%, to $60.87.
Inter-bank market rates for dollar on Wednesday
BID Rs 280.96
OFFER Rs 281.15
Open-market movement
In the open market, the PKR gained 6 paise for buying and remained unchanged for selling against USD, closing at 281.46 and 282.00, respectively.
Against Euro, the PKR gained 91 paise for buying and 78 paise for selling, closing at 327.36 and 330.62, respectively.
Against UAE Dirham, the PKR gained 1 paisa for both buying and selling, closing at 76.80 and 77.58, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and 1 paisa for selling, closing at 75.05 and 75.66, respectively.
Open-market rates for dollar on Wednesday
BID Rs 281.46
OFFER Rs 282.00
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