Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain, appreciating 0.01% against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 278.92, a gain of 0.03, against the greenback, according to the State Bank of Pakistan (SBP).
On Thursday, the local unit closed at 278.95.
Meanwhile, the US dollar was headed for a second consecutive weekly decline on Friday in tentative trade, as a ceasefire between Israel and Lebanon and prospects for fresh Iran talks prompted investors to unwind safe-haven positions.
Currencies were mostly rangebound in Asia trade as investors awaited further details, leaving the euro steady against the dollar at $1.1783.
The common currency was on track for a third straight weekly gain, while sterling traded at $1.3526.
Both currencies have now largely recouped losses triggered by the Iran conflict, hovering near their highest levels in seven weeks.
The dollar index , which measures the greenback’s strength against six major peers, was steady at 98.212. It was on track for a second straight week of declines, giving up most of the gains sparked by the war, as ceasefire optimism continued to reduce demand for safe-haven assets.
“The markets are in a bit of a consolidation phase because they have already priced in some optimism about the ceasefire being extended earlier in the week,” said Sim Moh Siong, FX strategist at OCBC.
Additionally, oil prices plunged by over 10% on Friday, extending previous losses, after Iran’s foreign minister said that the passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period, in line with that in Lebanon.
Brent crude futures dropped by $11.12, or 11.2%, to $88.27 a barrel at 1311 GMT. U.S. West Texas Intermediate crude futures fell $11.40, or 12%, to $83.29 a barrel.
Inter-bank market rates for dollar on Friday
BID Rs 278.92
OFFER Rs 279.12
Open-market movement
In the open market, the PKR gained 7 paise for buying and 3 paise for selling against USD, closing at 279.34 and 280.20, respectively.
Against Euro, the PKR gained 2 paise for buying and 20 paise for selling, closing at 328.44 and 331.72, respectively.
Against UAE Dirham, the PKR lost 3 paise for both buying and selling, closing at 76.04 and 76.97, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and 7 paise for selling, closing at 74.25 and 75.13, respectively.
Open-market rates for dollar on Friday
BID Rs 279.34
OFFER Rs 280.20
Comments