Rupee inches up against US dollar
- Settles at 278.65 against greenback
The Pakistani rupee continued its gain against the US dollar, settling at 278.65, supported by a $1.3 billion IMF tranche. This occurred amidst a strong dollar globally and falling oil prices.
- Pakistani rupee's continued appreciation against the US dollar.
- State Bank of Pakistan receiving $1.3 billion from the IMF.
- Global dollar strength and falling oil prices.
Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar in inter-bank market on Wednesday.
At close, the local currency settled at 278.65, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 278.66.
The State Bank of Pakistan (SBP) said on Wednesday it had received about $1.3 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).
“The amount would be reflected in SBP’s foreign exchange reserves for the week ending on May 15, 2026,” the central bank said.
Meanwhile, the dollar held near a one-week high on Wednesday as risk sentiment soured after a hot U.S. inflation reading sent Treasury yields higher, and oil inched up on renewed Middle East uncertainty.
The euro stood at $1.1735 and the sterling traded at $1.3532, both down roughly 0.05% against the greenback in early Asia trades.
The U.S. dollar index, which tracks the greenback against a basket of six major currencies, was steady at 98.335, near the strongest level in a week.
Oil prices were little changed on Wednesday as investors monitored a fragile Middle East ceasefire and awaited a high-stakes summit in Beijing between US President Donald Trump and China’s Xi Jinping.
Brent crude futures were down 14 cents, or 0.1%, to $107.63 a barrel at 1328 GMT. Meanwhile U.S. West Texas Intermediate futures edged up 44 cents, or 0.4%, to $102.62.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.65
OFFER Rs 278.85
Open-market movement
In the open market, the PKR gained 1 paisa for buying and remained unchanged for selling against USD, closing at 279.03 and 279.86, respectively.
Against Euro, the PKR gained 86 paise for buying and 81 paise for selling, closing at 326.28 and 329.62, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and 1 paisa for selling, closing at 75.92 and 76.76, respectively.
Against Saudi Riyal, the PKR gained 2 paise for buying and 9 paise for selling, closing at 74.26 and 74.98, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.03
OFFER Rs 279.86
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