Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 278.56, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 278.57.
Meanwhile, the US dollar was steady near a six-week high on Wednesday as investors came to terms with the possible need for higher interest rates to tackle inflation due to the Iran war.
The euro last bought $1.1608, having touched its lowest level since April 8 in the previous session. The British pound was at $1.3398, not far from a six-week low it touched earlier this week.
The Australian dollar, often seen as a barometer for risk sentiment, was 0.14% lower at $0.7097, while the New Zealand dollar fell 0.24% at $0.5822.
Against a basket of currencies, the dollar was steady at 99.306. The index is up more than 1% in May due to safe-haven demand and markets pricing in chances of the Federal Reserve hiking interest rates by the end of the year.
Oil prices fell 4% on Wednesday after U.S. President Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues.
Brent crude futures fell $4.76, or 4.28%, to $106.52 a barrel by 11:29 a.m. EDT (1529 GMT) and U.S. West Texas Intermediate futures were down $4.22, or 4.05%, at $99.93. Both contracts were heading for their biggest daily drops in percentage and absolute terms in two weeks.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.56
OFFER Rs 278.76
Open-market movement
In the open market, the PKR gained 5 paise for buying and lost 2 paise for selling against USD, closing at 278.88 and 279.67, respectively.
Against Euro, the PKR gained 90 paise for buying and 89 paise for selling, closing at 322.67 and 326.07, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and 6 paise for selling, closing at 75.82 and 76.63, respectively.
Against Saudi Riyal, the PKR gained 10 paise for buying and 8 paise for selling, closing at 74.08 and 74.83, respectively.
Open-market rates for dollar on Wednesday
BID Rs 278.88
OFFER Rs 279.67
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