Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 279.95, a gain of Re0.01 against the greenback.
On Thursday, the e local unit closed at 279.96.
Internationally, the US dollar was poised for a third weekly gain on Friday after positive US economic data lowered expectations for rate cuts by the Federal Reserve anytime soon.
The greenback rose overnight on a surprise decline in weekly jobless figures and was steady in Asian morning trade. The yen remained at levels that risked intervention in currency markets by Japan to defend its currency.
Fed funds futures have pushed back expectations for the next rate cut to June on the back of improving employment data and as central bank policymakers expressed concern about inflation.
The dollar index, which measures the greenback against a basket of currencies, was little changed at 99.36 and poised for a 0.2% advance this week. The euro was steady at $1.1607.
The yen strengthened 0.05% against the greenback to 158.58 per dollar, but is set to fall about 0.5% this week.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 198,000 for the week ended January 10, the Labor Department said on Thursday. Economists polled by Reuters had forecast 215,000 claims for the latest week.
Oil prices, a key indicator of currency parity, rose over 1% on Friday as supply risks remained in focus despite the receding likelihood of a US military strike against Iran.
Brent crude was up 84 cents, or 1.3%, to $64.60 a barrel at 1413 GMT, on course for a fourth consecutive weekly gain. US West Texas Intermediate was up 80 cents, or 1.4%, to $59.99.
Inter-bank market rates for dollar on Friday
BID Rs 279.95
OFFER Rs 280.15
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 280.38 and 281.00, respectively.
Against Euro, the PKR gained 92 paise for buying and 71 paise for selling, closing at 325.58 and 328.79, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and 3 paise for selling, closing at 76.53 and 77.29, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 74.84 and 75.44, respectively.
Open-market rates for dollar on Friday
BID Rs 280.38
OFFER Rs 281.00
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