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 278.80, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 278.81.
Prime Minister Shehbaz Sharif on Wednesday said Pakistan’s oil import bill had surged sharply by around 167% to $800 million per week, up from around $300 million before ongoing conflict in the Middle East.
Internationally, the dollar firmed on Wednesday and currencies held tight ranges in thinned Asia trade, with markets in Japan closed for a holiday and a slew of major central bank decisions still on deck.
Against the dollar, the euro last bought $1.1716 while sterling was little changed at $1.3523, as both currencies edged further away from their highs hit earlier this month.
Against a basket of currencies, the dollar held to a small overnight gain and steadied at 98.57. The Canadian dollar strengthened slightly to C$1.3676, ahead of the Bank of Canada’s rate decision also due on Wednesday.
Oil prices rose almost 4% on Wednesday, with the Brent contract hitting a one-month high, after a media report said that the US will extend its blockade of Iranian ports, likely prolonging Middle East supply disruptions.
Brent crude futures for June rose $4.24, or 3.81%, to $115.50 a barrel by 1255 GMT, climbing for an eighth day to the highest level since March 31. The June contract expires on Thursday and the more active July contract was up 3.86% at $108.43.
US West Texas Intermediate (WTI) futures for June rose $4.03, or 4.03%, to $103.96 a barrel, the highest since April 13. The contract has risen on seven of the past eight days.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.80
OFFER Rs 279.00
Open-market movement
In the open market, the PKR remained unchanged for buying and gained 1 paisa for selling against USD, closing at 279.27 and 280.08, respectively.
Against Euro, the PKR gained 10 paise for buying and 2 paise for selling, closing at 326.43 and 329.77, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 76.07 and 76.88, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 74.36 and 75.09, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.27
OFFER Rs 280.08
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