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 Thursday.
At close, the local currency settled at 279.20, a gain of Re0.01, against the greenback.
On Wednesday, the local unit closed at 279.21.
Moreover, the dollar held on to gains at the start of Asian trading on Thursday as investors sought clarity on whether a de-escalation in the US-Israeli conflict with Iran was imminent and trimmed bets that the Federal Reserve’s next move may be a hike.
Against the yen, the US dollar was flat at 159.41 yen, holding near its strongest levels since 2024. The Australian dollar was down 0.1% at $0.6943, while the New Zealand dollar was steady at $0.5806.
With geopolitical uncertainty still elevated, the US dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.5% to 99.641, its biggest one-day gain in a week.
Fed funds futures are pricing an implied 70.6% probability that the US central bank will remain on hold at its meeting in December, compared to a 60.2% chance a day earlier, according to the CME Group’s FedWatch tool.
Globally, oil rose about 2% on Thursday, clawing back losses from the previous session on concerns that protracted fighting in the Middle East will further disrupt energy flows.
Brent futures rose $2.08, or 2.03%, to $104.30 a barrel by 0638 GMT, while US West Texas Intermediate crude futures were up $1.93, or 2.14%, at $92.25 a barrel.
Both benchmarks slumped more than 2% on Wednesday. Iran is still reviewing a US proposal to end the war, but has no intention of holding talks to end the Middle East conflict, Iran’s foreign minister said on Wednesday.
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