Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee recorded marginal improvement against the US dollar in the inter-bank market on Wednesday.
At close, the currency settled at 280.66, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 280.67.
Globally, the Japanese yen regained its footing and the US dollar held steady against most of its biggest peers in early trading in Asia on Wednesday, as investors switched into safe havens after a days-long global selloff in stocks.
The yen advanced 0.1% after hitting a nine-month low against the dollar on Tuesday and was fetching 155.49 yen to the dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, was flat at 99.594, close to a one-week high, as US Treasury bonds drew bids.
Traders are inching up bets on monetary easing from the Federal Reserve at its next meeting, although there is still uncertainty given the division within the central bank on whether to delay a rate cut.
Fed funds futures are pricing an implied 46.6% probability of a 25-basis-point cut at the December 10 meeting, compared to a 42.4% chance a day earlier, according to the CME Group’s FedWatch tool.
Oil prices, a key indicator of currency parity, fell sharply on Wednesday following a report of a US proposal to end the Russian war in Ukraine, as oversupply concerns continued to weigh on prices.
Brent crude futures fell $1.81, or 2.8%, to $63.08 a barrel by 1330 GMT, after gaining 1.1% the previous session.
Inter-bank market rates for dollar on Wednesday
BID Rs 280.66
OFFER Rs 280.86
Open-market movement
In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 281.32 and 281.70, respectively.
Against Euro, the PKR gained 32 paise for buying and 24 paise for selling, closing at 325.00 and 328.08, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and gained 4 paise for selling, closing at 76.64 and 77.40, respectively.
Against Saudi Riyal, the PKR gained 2 paise for buying and 4 paise for selling, closing at 74.90 and 75.51, respectively.
Open-market rates for dollar on Wednesday
BID Rs 281.32
OFFER Rs 281.70
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