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 Wednesday.
At close, the local currency settled at 279.51, registering a gain of Re0.01 against the greenback.
On Tuesday, the local currency closed at 279.52, against the dollar, according to the State Bank of Pakistan (SBP).
Additionally, an International Monetary Fund (IMF) staff mission will visit Pakistan from February 25 to March 11 to conduct discussions on the third review under the Extended Fund Facility (EFF) programme and the second review under the Resilience and Sustainability Facility (RSF).
The mission will begin engagements in Karachi with officials of the State Bank of Pakistan (SBP) before moving to Islamabad next week for talks with the government’s economic team.
The mission will assess Pakistan’s economic performance for the July–December 2025 period and initiate negotiations for the release of the next tranche under the EFF, as well as RSF.
Moreover, a wobbly yen was pinned near a two-week low on Wednesday after a report that Prime Minister Sanae Takaichi had told the central bank chief she had reservations about future rate hikes, while a steadily rising Chinese yuan kept pressure on the dollar.
Traders had an eye on President Donald Trump’s State of the Union address in the Asian morning. The Australian dollar rose 0.3% to $0.7074 after a pickup in inflation raised the risk of rate hikes - the sharpest gainer in an otherwise steady start to the session.
The euro hovered at $1.1776 and sterling sat at $1.35. The yen dropped 0.8% overnight to as weak as 156.28 to the dollar and was a fraction stronger than that at 155.88.
Meanwhile, oil prices, a key indicator of currency parity, were hovering near seven-month highs on Wednesday as the threat of military conflict between the US and Iran that could disrupt supply continues to worry investors, even as talks between the parties are set for Thursday.
Brent futures were trading at $71.22 per barrel, up 45 cents, or 0.64%, at 0140 GMT.
WTI futures rose 0.64%, or 42 cents, to $66.05.
Inter-bank market rates for dollar on Wednesday
BID Rs 279.51
OFFER Rs 279.71
Open-market movement
In the open market, the PKR gained 1 paisa for buying and remained unchanged for selling against USD, closing at 279.97 and 280.56, respectively.
Against Euro, the PKR lost 54 paise for buying and 41 paise for selling, closing at 329.91 and 332.76, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 76.43 and 77.17, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for both buying and selling, closing at 74.76 and 75.38, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.97
OFFER Rs 280.56
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