Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Wednesday.
At close, the currency settled at 280.77, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 280.78.
Internationally, the US dollar eased on Wednesday after private-sector US jobs data stoked worries about the health of the labour market, with investors also bracing for an imminent US government reopening that is expected to unleash a backlog of economic releases.
Overnight, payroll processor ADP said that US firms were shedding more than 11,000 jobs a week through late October, underscoring how hiring trends are evolving on a week-to-week basis and pointing to further weakening in a labour market being closely monitored by Federal Reserve policymakers.
The US dollar fell in the aftermath of the data release and struggled to recover its losses in early Asia trade on Wednesday, as traders once again ramped up bets of a Fed cut in December.
The euro was steady at $1.1586, and sterling distanced itself further from a seven-month trough to last trade $1.3149.
Against a basket of currencies, the US dollar languished near its lowest in more than a week and was last at 99.46.
Oil prices, a key indicator of currency parity, fell 1% on Wednesday, weighed down by oversupply in the market despite expectations that an end to the longest-ever US government shutdown could boost oil demand.
Brent crude futures slipped 66 cents, or 1%, to $64.50 a barrel by 1232 GMT after gaining 1.7% on Tuesday. US West Texas Intermediate crude was down 65 cents, or around 1.1%, at $60.39 a barrel, after climbing 1.5% in the previous session.
Inter-bank market rates for dollar on Wednesday
BID Rs 280.77
OFFER Rs 280.97
Open-market movement
In the open market, the PKR lost 2 paise for buying and gained 1 paisa for selling against USD, closing at 281.34 and 281.80, respectively.
Against Euro, the PKR lost 46 paise for buying and 18 paise for selling, closing at 324.93 and 327.73, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 1 paisa for selling, closing at 76.65 and 77.41, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 74.94 and 75.59, respectively.
Open-market rates for dollar on Wednesday
BID Rs 281.34
OFFER Rs 281.80
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