Rupee registers marginal improvement against US dollar

The Pakistani rupee posted marginal gain against the US dollar, gaining Re0.01 during trading in the inter-bank market on Thursday.

At close, the local currency settled at 280.26, against 280.27 it had closed at on Wednesday, according to the State Bank of Pakistan (SBP) data.

The foreign exchange reserves held by the SBP surged by $1.3 billion in a single week to reach a 3.9-year high, buoyed by the recent loan tranche disbursed by the International Monetary Fund (IMF).

The SBP reserves jumped to $15.89 billion as of December 12, 2025, after the central received $1.2 billion from the IMF under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).

The central bank’s FX reserves stood above $15 billion last time during the week ended on March 11, 2022. During this time, the reserves fell to an alarming level of $2.9 billion in February 2023.

Meanwhile, the country’s total reserves stood at $21.09 during the week ended December 12, 2025. The reserves held by the commercial banks were recorded at $5.20 billion.

Globally, the US dollar held gains against its major counterparts on Thursday as markets positioned for central bank decisions in Britain, Europe and Japan.

Sterling remained lower after an unexpected drop in UK inflation backed the case for a rate cut by the Bank of England.

The yen trimmed losses from the previous session as the Bank of Japan starts a two-day meeting that is expected to result in a hike in policy rates to a three-decade high.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was little changed at 98.35 after a 0.2% advance in the prior session.

The yen strengthened 0.2% against the greenback to 155.45, trimming a 0.6% slide on Wednesday.

The euro was little changed at $1.1743, while sterling was also steady at $1.3373 after a 0.4% decline in the previous day.

Interest rate futures have priced in a near 100% chance of a quarter-point rate cut from the BoE on Thursday following the surprisingly weak November inflation data. The European Central Bank is widely expected to hold rates steady when it meets on Thursday.

Oil prices, a key indicator of currency parity, steadied on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Brent crude was up 31 cents, or 0.5%, to $59.99 per barrel at 1344 GMT. US West Texas Intermediate crude was up 40 cents, or 0.7%, at $56.34 per barrel.

Inter-bank market rates for dollar on Thursday

BID Rs 280.26

OFFER Rs 280.46

Open-market movement

In the open market, the PKR gained 2 paise for buying and remained unchanged for selling against USD, closing at 280.70 and 281.30, respectively.

Against Euro, the PKR lost 24 paise for buying and 17 paise for selling, closing at 328.71 and 331.74, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 76.57 and 77.34, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 74.79 and 75.39, respectively.

Open-market rates for dollar on Thursday

BID Rs 280.70

OFFER Rs 281.30