Rupee's Performance Against US Dollar Since 04 March 2025
----------The Pakistani rupee saw marginal improvement against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 280.46, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 280.47.
Internationally, the US dollar was becalmed on Wednesday, as other assets hogged the limelight, though investors looking ahead to 2026 were starting to position for US rate cuts to weigh on the greenback.
In morning trade, the Australian dollar touched a three-week high of $0.6576 before retreating slightly after gross domestic product data was slightly below expectations.
Overnight, the euro cleared its 50-day moving average, after euro zone inflation came in very slightly above expectations, and it bought $1.1629 early in the Asia session.
Moves were dwarfed by the sharp rebound for bitcoin that helped investors more broadly get in the mood for taking on a bit more risk. The biggest cryptocurrency by market value surged about 6% to top $91,000 overnight.
The Japanese yen was steady at 155.70 per dollar, with bets firming on an interest rate hike this month, in contrast with the US where a cut is 85% priced in for the Federal Reserve’s meeting next week.
Sterling was steady at $1.3222, as was the safe-haven Swiss franc at 0.8022 per dollar. The New Zealand dollar hovered at $0.5730.
Looking ahead, expectations for some 90 basis points of U.S. rate cuts before the end of 2026 and the prospect of White House economic adviser Kevin Hassett being nominated as Fed chair have some investors turning bearish on the dollar.
Oil prices, a key indicator of currency parity, climbed almost 1% on Wednesday after Russia said talks with US officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
Brent crude gained 46 cents, or 0.7%, to $62.91 by 1453 GMT, while US West Texas Intermediate rose 56 cents, or 1%, to $59.20. Both contracts fell more than 1% in the previous session.
Inter-bank market rates for dollar on Wednesday
BID Rs 280.46
OFFER Rs 280.66
Open-market movement
In the open market, the PKR gained 5 paise for buying and remained unchanged for selling against USD, closing at 281.02 and 281.50, respectively.
Against Euro, the PKR lost 80 paise for buying and 64 paise for selling, closing at 326.50 and 329.26, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and 6 paise for selling, closing at 76.56 and 77.35, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and 2 paise for selling, closing at 74.82 and 75.48, respectively.
Open-market rates for dollar on Wednesday
BID Rs 281.02
OFFER Rs 281.50
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