Rupee registers gain against US dollar
- Settles at 278.50 against greenback
The Pakistani rupee saw a marginal gain against the US dollar, while the greenback weakened against major currencies globally. Oil futures also fell significantly amid reports of a US-Iran ceasefire deal.
- Pakistani rupee's marginal gain against the US dollar.
- US dollar's extended weakness against major currencies.
- Significant weekly decline in global oil futures prices.
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 Friday.
At close, the local currency settled at 278.50, a gain of Re0.01 against the greenback.
On Monday, the local unit closed at 278.51.
The central bank remained closed from Tuesday through Thursday in observance of the Eid-ul-Adha holidays.
The dollar extended its weakness against major currencies on Friday and was on track to end the week lower.
The euro fetched $1.1653, up 0.03% so far in Asia, while the pound traded flat at $1.3445.
The Australian dollar was steady at $0.7164 and the New Zealand dollar rose 0.2% to $0.5946, near the strongest level in more than two weeks.
The dollar index, which measures the greenback against a basket of currencies, was largely flat at 98.997 after dropping 0.2% on Thursday.
It is now on track to snap two weeks of gains and end the week 0.3% lower.
Oil futures fell 2% on Friday and were on track for their steepest weekly decline since early April after reports that the US and Iran had reached agreement on a potential ceasefire extension.
Brent crude futures for July, which expire later on Friday, were down $1.89, or 2%, at $91.82 a barrel by 1309 GMT. The more active August contract was down $1.89, or 2%, at $90.81. WTI U.S. oil futures were down $1.70, or 1.9%, at $87.20.
Inter-bank market rates for dollar on Friday
BID Rs 278.50
OFFER Rs 278.70
Open-market movement
In the open market, the PKR lost 3 paise for buying and remained unchanged for selling against USD, closing at 278.73 and 279.56, respectively.
Against Euro, the PKR gained 50 paise for buying and 66 paise for selling, closing at 322.46 and 325.74, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and 3 paise for selling, closing at 75.68 and 76.52, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 73.85 and 74.70, respectively.
Open-market rates for dollar on Friday
BID Rs 278.73
OFFER Rs 279.56
Comments