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 Wednesday.
At close, the local currency settled at 278.87, a gain of Re0.03, against the greenback.
On Tuesday, the local unit closed at 278.90.
The dollar steadied in early Asian trade on Wednesday, as scepticism over US President Donald Trump’s announcement of an indefinite extension of a ceasefire with Iran lifted demand for the safe-haven currency, pushing it to a one-week high.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, was steady at 98.415, its highest level since April 13.
“There was a modest risk-off tone overnight amid renewed uncertainty around US–Iran peace talks,” analysts from Westpac wrote in a research report.
Most other currencies were unchanged after the ceasefire extension. The euro was steady at $1.1739 and was up 0.1% at $1.3519. The Australian dollar was little changed at $0.7152 while the New Zealand dollar held steady at $0.5894.
Against the yen, the U.S. dollar nudged down 0.1% to 159.26 yen as data earlier showed Japan’s exports rose for a seventh straight month, defying any major impact from disruptions caused by the Gulf conflict.
Oil prices rose by more than $3 on Wednesday after a surprise gasoline and distillate stock draw in the US, while reports of gunfire attacks on at least three container ships in the Strait of Hormuz and a lack of progress in peace talks between the US and Iran further boosted prices.
Brent crude futures were up $3.17, or 3.22%, at $101.65 a barrel at 11:05 am EDT (1506 GMT). West Texas Intermediate futures were up $2.70, or 3.01%, to $91.37. Both benchmarks climbed about 3% on Tuesday.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.87
OFFER Rs 279.07
Open-market movement
In the open market, the PKR gained 7 paise for buying and 5 paise for selling against USD, closing at 279.31 and 280.17, respectively.
Against Euro, the PKR gained 53 paise for buying and 46 paise for selling, closing at 327.44 and 330.74, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and 2 paise for selling, closing at 76.03 and 76.87, respectively.
Against Saudi Riyal, the PKR gained 2 paise for buying and 4 paise for selling, closing at 74.25 and 75.02, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.31
OFFER Rs 280.17
Comments