Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 279.70, a gain of Re0.01 against the greenback.
During the previous week, the rupee posted a marginal gain for another week as it appreciated by Re0.06 or 0.02% against the US dollar in the inter-bank market. The local unit closed at 279.71, against 279.77 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development for the country’s banking sector, Moody’s has revised Pakistan’s banking sector outlook to stable from positive, citing a gradual economic recovery and an improving fiscal and external position.
“We have changed our outlook on Pakistan’s banking system to stable from positive,” said the global rating agency on Monday.
Moody’s noted that the operating environment continued to recover, but only gradually, supported by the country’s slowly improving economic and fiscal outlook and strengthening external position.
Internationally, the Japanese yen strengthened in Asian trading after Japanese Prime Minister Sanae Takaichi swept to victory in Sunday’s election, abruptly reversing a six-day string of losses as traders bet fiscal stimulus will boost the stock market.
The yen overturned a 0.3% decline which saw the currency reach its weakest level in two weeks to strengthen as much as 0.7% before paring gains.
It was last trading 0.3% firmer at 156.76 yen against the dollar.
The yen also retraced losses against other currencies, which earlier saw it reach its weakest level on record against the Swiss franc and trade near the weakest point since the creation of the euro.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, was flat at 97.629, at the start of a week that will see the release of several key data releases out of Washington, including retail sales, inflation and Wednesday’s delayed jobs report.
Oil prices, a key indicator of currency parity, were stable on Monday after the US and Iran pledged to continue indirect talks, easing oil supply fears, but India stepping away from Russian purchases gave prices a floor and global stock markets rallied.
Brent crude oil futures were up 6 cents, or 0.1%, at $68.11 a barrel by 1304 GMT, while US West Texas Intermediate crude rose 5 cents, or 0.1%, to $63.60.
Inter-bank market rates for dollar on Monday
BID Rs 279.70
OFFER Rs 279.90
Open-market movement
In the open market, the PKR gained 6 paise for buying and remained unchanged for selling against USD, closing at 280.17 and 280.75, respectively.
Against Euro, the PKR lost 1.28 rupee for buying and 1.26 rupee for selling, closing at 331.48 and 334.36, respectively.
Against UAE Dirham, the PKR lost 5 paise for buying and 4 paise for selling, closing at 76.55 and 77.29, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 2 pais3 for selling, closing at 74.83 and 75.39, respectively.
Open-market rates for dollar on Monday
BID Rs 280.17
OFFER Rs 280.75
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