Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee strengthened against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 278.76, a gain of Re0.01 against the greenback.
On Thursday, the local unit closed at 278.77.
Globally, the yen stabilised at the start of trading in Asia, strengthening slightly after a few choppy sessions following suspected intervention by authorities to strengthen the currency last week.
The yen edged up 0.1% to 156.885 against the dollar, after the Japanese currency appreciated 1.4% during the past month - a gain almost entirely attributable to the move on Thursday after authorities were widely suspected to have stepped in.
Markets remained cautious at the start of trading after President Donald Trump said the US would start an effort on Monday morning to free ships, stranded in the Strait of Hormuz as a “humanitarian gesture” to aid neutral countries in the US-Israeli war with Iran.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, was flat at 98.144. The Australian dollar was up 0.1% at $0.7211, while its kiwi counterpart advanced 0.2% to $0.5905.
Oil prices, a key indicator of currency parity, jumped over 5% on Monday and the dollar strengthened after Iran’s navy said it had prevented a U.S. warship from entering the Strait of Hormuz.
U.S. stock futures, European stocks and bond prices fell.
Inter-bank market rates for dollar on Monday
BID Rs 278.76
OFFER Rs 278.96
Open-market movement
In the open market, the PKR lost 10 paise for buying and 16 paise for selling against USD, closing at 279.33 and 280.21, respectively.
Against Euro, the PKR lost 66 paise for buying and 84 paise for selling, closing at 326.58 and 329.93, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 3 paise for selling, closing at 76.02 and 76.86, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and 1 paisa for selling, closing at 74.34 and 75.07, respectively.
Open-market rates for dollar on Monday
BID Rs 279.33
OFFER Rs 280.21
Comments
Comments are closed for this article.