Rupee records marginal improvement against US dollar
- Currency settles at 280.55 against the US dollar
Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee saw a slight improvement against the US dollar in the inter-bank market on Thursday.
At close, the local currency settled at 280.55, a gain of Re0.01 against the greenback.
On Wednesday, the local unit closed at 280.56.
Internationally, the US dollar was on the back foot on Thursday, with trade thinned ahead of the US Thanksgiving holiday and investors turning to the coming year, where a series of US interest rate cuts are priced in.
The yen drifted 0.4% higher to 155.87 per dollar, and the euro clambered above $1.16 in morning trade.
A resurgent New Zealand dollar skipped out to a three-week peak of $0.5714 following a hawkish shift at the central bank and strong economic data.
The Australian dollar has also been gaining after a hotter-than-expected inflation reading on Wednesday added to the case that the easing cycle there is also finished.
Australia’s 10-year rate of 4.48% is the highest in the G10, which analysts point out makes the currency look cheap.
At $0.6526 the Aussie is in the middle of a channel where it has traded for about 18 months.
Sterling inched up to its highest since late October at $1.3256 and was on course for the largest weekly rise since August as Britain’s budget alleviated some concerns about the national finances.
The US dollar index was flat at 99.433, having retreated from a six-month high hit a week ago to head for its largest weekly drop since July.
Oil prices, a key indicator of currency parity, fell on Thursday on expectations of a Ukraine-Russia ceasefire, which could pave the way for the unwinding of Western sanctions against Russian supply, though trading was set to remain thin due to the US Thanksgiving holiday.
Brent crude futures shed 33 cents, or 0.5%, to $62.8 a barrel as of 0445 GMT, while US West Texas Intermediate crude futures lost 32 cents, or 0.6%, to $58.33 a barrel.
Both contracts settled about 1% higher on Wednesday as investors assessed oversupply risk and the prospect of a Russia-Ukraine peace deal.
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