Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee strengthened against the US dollar, appreciating 0.01% in the inter-bank market on Friday.
At close, the local currency settled at 279.47, a gain of Re0.03 against the greenback.
On Thursday, the local unit closed at 279.50.
Internationally, the Australian dollar was poised for another sharp monthly gain on Friday as expectations grow for a more hawkish central bank, while the yen was headed for a loss as the Bank of Japan contends with an emboldened reflationist prime minister.
Investors have had to grapple this month with geopolitical tensions, a pivotal US Supreme Court ruling over Trump’s tariffs and fickleness over the artificial intelligence trade, among other developments.
But moves in the currencies for the month were driven primarily by shifting rate expectations.
The Australian dollar, which was steady at $0.7106 on Friday, was on track for a monthly gain of roughly 2%.
Sterling was steady at $1.3484, set to snap three straight months of gains with a 1.5% fall in February.
The British pound has been undermined by a dovish tilt from the Bank of England, with traders now pricing in an 83% chance of a rate cut in March.
The US dollar was set to gain 0.6% for the month, helped by a slightly more hawkish Federal Reserve after “several” policymakers signalled at January’s policy meeting their openness to rate hikes if inflation remains elevated.
Nonetheless, investors continue to price in two more Fed cuts this year.
Oil prices, a key indicator of currency parity, rose more than $1 on Friday as traders remained on alert for potential supply disruptions after the United States and Iran extended nuclear talks.
Brent crude futures advanced by $1.38, or 1.95%, to $72.13 a barrel by 1110 GMT while U.S. West Texas Intermediate crude was up $1.40, or 2.15%, at $66.61.
Inter-bank market rates for dollar on Friday
BID Rs 279.47
OFFER Rs 279.67
Open-market movement
In the open market, the PKR lost 5 paise for buying and gained 4 paise for selling against USD, closing at 280.03 and 280.52, respectively.
Against Euro, the PKR gained 1 paisa for buying and 19 paise for selling, closing at 330.36 and 333.10, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and gained 1 paisa for selling, closing at 76.46 and 77.16, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 2 paise for selling, closing at 74.78 and 75.35, respectively.
Open-market rates for dollar on Friday
BID Rs 280.03
OFFER Rs 280.52
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