Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee recorded marginal improvement, appreciating 0.01% against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 280.32, a gain of Re0.04 against the greenback.
On Thursday, the local unit closed at 280.36.
Internationally, the US dollar headed for its third straight weekly drop on Friday, hurt by the prospect of rate cuts next year after the Federal Reserve pushed back against hawkish market bets, lifting the euro and sterling to their highest since October.
The euro was steady at $1.1741 in early Asian hours after a 0.37% rise in the previous session, while the pound was marginally firmer at $1.33955. Both are poised for their third straight week of gains as the dollar remains under pressure.
The Fed cut rates as expected this week, but the comments from Fed Chair Jerome Powell and the accompanying statement were viewed by investors as less hawkish than expected and reinforced dollar selling momentum.
Investors face uncertainty over the path of U.S. monetary policy next year as inflation trends and labour market strength remain unclear, with traders pricing in two rate cuts in 2026 in contrast with policymakers who see only one cut next year and one in 2027.
Oil prices, a key indicator of currency parity, inched lower on Friday and were on track for a weekly decline as investors focused on a supply glut and potential Russia-Ukraine peace deal, amid concerns over Venezuelan oil supply disruptions.
Brent crude futures were down 19 cents, or 0.31%, to $61.09 a barrel at 1125 GMT. US West Texas Intermediate crude was down 15 cents, or 0.26%, at $57.45. Both benchmarks fell by about 1.5% on Thursday.
Inter-bank market rates for dollar on Friday
BID Rs 280.32
OFFER Rs 280.52
Open-market movement
In the open market, the PKR gained 10 paise for buying and 4 paise for selling against USD, closing at 280.76 and 281.36, respectively.
Against Euro, the PKR lost 73 paise for buying and 74 paise for selling, closing at 328.45 and 331.29, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and 4 paise for selling, closing at 76.54 and 77.29, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 5 paise for selling, closing at 74.79 and 75.38, respectively.
Open-market rates for dollar on Friday
BID Rs 280.76
OFFER Rs 281.36
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