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 279.35 against the greenback.
On Tuesday, the local unit closed at 279.36.
Internationally, the US dollar held its ground on Wednesday as traders moved to the sidelines, awaiting cues on what comes next in the U.S.-Israeli war with Iran, while mixed messages on a resolution to the conflict kept sentiment frail.
The euro last bought $1.16205 in early Asian hours, slightly stronger than the three-month low it touched on Monday. Sterling was 0.12% higher at $1.34305.
The dollar index, which measures the U.S. unit against six other rivals, was at 98.876, inching away from the three-month top hit on Monday.
The risk-sensitive Australian dollar hovered close to the nearly four-year high it touched on Tuesday, and last bought $0.713.
In addition, oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s reported plan for a record release of oil reserves could offset potential supply shocks from the US-Israeli conflict with Iran.
Brent futures traded up $3.52, or 4%, at $91.32 a barrel by 0922 GMT. US West Texas Intermediate (WTI) traded $3.69 higher, or 4.4%, at $87.14 a barrel.
Both contracts extended losses in early Asian trade, after plunging more than 11% on Tuesday, despite US crude prices leaping 5% at the market’s opening.
Inter-bank market rates for dollar on Wednesday
BID Rs 279.35
OFFER Rs 279.55
Open-market movement
In the open market, the PKR gained 2 paise for buying and remained unchanged for selling against USD, closing at 279.58 and 280.41, respectively.
Against Euro, the PKR gained 47 paise for buying and 23 paise for selling, closing at 323.63 and 327.57, respectively.
Against UAE Dirham, the PKR gained 7 paise for buying and 1 paisa for selling, closing at 75.76 and 76.80, respectively.
Against Saudi Riyal, the PKR gained 7 paise for buying and 2 paise for selling, closing at 73.85 and 74.91, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.58
OFFER Rs 280.41
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