Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee saw marginal improvement against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday.
At close, the local currency settled at 280.37, a gain of Re0.03 against the greenback.
On Tuesday, the local unit closed at 280.40.
Globally, the yen looked punch-drunk on Wednesday after a sudden spill overnight, pressured by wide interest rate differentials between Japan and the rest of the world even as its central bank is widely expected to tighten policy next week.
The US dollar was broadly steady, and moves in other currencies were muted ahead of a key Federal Reserve policy decision later in the day, where investors are wagering on a cut in what is likely to be one of the most fractious meetings in years.
The yen was little changed at 156.82 per dollar, after a 0.6% fall towards the 157 level in the previous session despite no obvious trigger.
Against the euro, the Japanese currency similarly sank to a record low overnight and remained pinned near that level on Wednesday. The Aussie held to Tuesday’s 0.8% gain against the yen.
In the broader market, all eyes were on the Fed’s decision later in the day, which is expected to be a 25-basis-point rate cut and is almost fully priced in.
Ahead of the outcome, the euro was little changed at $1.1625, while sterling ticked 0.03% higher to $1.3301.
The dollar index, which measures the US currency against six key rivals, was firm at 99.23.
Oil prices, a key indicator of currency parity, steadied on Wednesday after declines of about 1% in the previous session, as investors watched for progress in Russia-Ukraine peace talks and awaited a decision on US interest rates.
Brent crude was up 2 cents at $61.96 a barrel by 1400 GMT while US West Texas Intermediate crude gained 3 cents to $58.28.
Inter-bank market rates for dollar on Wednesday
BID Rs 280.37
OFFER Rs 280.57
Open-market movement
In the open market, the PKR lost 3 paise for buying and gained 5 paise for selling against USD, closing at 280.91 and 281.40, respectively.
Against Euro, the PKR gained 45 paise for buying and 31 paise for selling, closing at 326.09 and 329.04, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 76.51 and 77.29, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 5 paise for selling, closing at 74.80 and 75.43, respectively.
Open-market rates for dollar on Wednesday
BID Rs 280.91
OFFER Rs 281.40
Comments
Comments are closed for this article.