Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal gain, appreciating 0.01%, against the US dollar in the inter-bank market on Friday.
At close, the local currency settled at 278.52, a gain of Rs0.03 against the greenback.
On Thursday, the local unit closed at 278.55.
The dollar held near a six-week top on Friday, after a volatile overnight session on conflicting signals over a US-Iran peace deal, though investors latched on to hopes of some progress.
The dollar was a touch higher and stood at 99.24 against a basket of currencies , not far from its peak of 99.515 hit in the previous session, its highest since April 7.
The euro dipped 0.03% to $1.1613, while the pound was flat at $1.3431. Sterling was set to gain 0.8% for the week, having fallen more than 2% last week due to political turmoil in Britain.
The dollar found additional support from data which showed U.S. weekly jobless claims fell last week while manufacturing activity rose to a four-year high in May, underscoring resilience in the world’s largest economy.
“We’re coming to the end of week 12, we’re six weeks in the ceasefire, and I’m just not really that convinced we’re any closer to a resolution between the U.S. and Iran,” Tony Sycamore, a market analyst at IG, said of the Middle East war.
Moreover, oil prices climbed on Friday but were on track for a weekly loss.
Brent crude futures rose $1.66, or 1.6%, to $104.24 a barrel by 0405 GMT, while US West Texas Intermediate futures were up $1.11, or 1.2%, at $97.46.
On a weekly basis, Brent was 4.6% lower and WTI was down 7.6%, with prices fluctuating sharply as expectations for a peace deal shifted.
Inter-bank market rates for dollar on Friday
BID Rs 278.52
OFFER Rs 278.72
Open-market movement
In the open market, the PKR gained 5 paise for buying and 7 paise for selling against USD, closing at 278.83 and 279.56, respectively.
Against Euro, the PKR gained 38 paise for buying and 15 paise for selling, closing at 322.50 and 325.97, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 3 paise for selling, closing at 75.73 and 76.57, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for both buying and selling, closing at 73.95 and 74.76, respectively.
Open-market rates for dollar on Friday
BID Rs 278.83
OFFER Rs 279.56
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