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 Monday.
At close, the local currency settled at 278.91, a gain of 0.01, against the greenback, according to the State Bank of Pakistan (SBP).
On Friday, the local unit closed at 278.92.
Meanwhile, the US dollar firmed to its highest level in a week against major currencies on Monday.
The euro slipped 0.14% to $1.1746 and sterling fell 0.29% to $1.3479. The risk-sensitive Australian dollar sank 0.3% to $0.7145 in early trading.
The dollar index, which measures the US currency against six peers, was at 98.38, hovering near its highest in a week and recouping some of its recent losses.
The index is down 1.5% in April as investor appetite for risk picked up during the month as hopes had risen for a peace deal. The index had surged 2.3% in March on haven demand after the war broke out.
Analysts at Barclays said their sentiment data showed investors still favoured the dollar, so it had more room to drop should the situation in the Middle East normalise.
“Any (market) wobble would likely have less space to extend and may even prove opportune to re-establish short dollar exposures,” they said in a note dated Sunday. “The question here remains on whether this wobble is even worth trading given all the related noise and uncertainties.”
Oil prices jumped about 5% in Monday trading on fears that the ceasefire between the United States and Iran could collapse after the US seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.
Brent crude futures advanced $4.37, or 4.8%, to $94.75 a barrel by 1148 GMT and US West Texas Intermediate was up $4.76, or 5.7%, at $88.61.
Inter-bank market rates for dollar on Monday
BID Rs 278.91
OFFER Rs 279.11
Open-market movement
In the open market, the PKR lost 3 paise for buying and 5 paise for selling against USD, closing at 279.37 and 280.25, respectively.
Against Euro, the PKR gained 81 paise for buying and 64 paise for selling, closing at 327.63 and 331.08, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 3 paise for selling, closing at 76.04 and 76.94, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 4 paise for selling, closing at 74.26 and 75.09, respectively.
Open-market rates for dollar on Monday
BID Rs 279.37
OFFER Rs 280.25
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