Rupee records gain against US dollar
- Settles at 278.42
The Pakistani rupee appreciated slightly against the US dollar, settling at 278.42. This happened as the dollar maintained global strength due to safe-haven demand and geopolitical tensions.
- Pakistani rupee's slight appreciation against the dollar.
- Global strength of the US dollar.
- Geopolitical tensions influencing currency markets.
- International oil price movements.
Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee appreciated 0.01% against the US dollar in the inter-bank market on Thursday.
At close, the local currency settled at 278.42, a gain of Rs0.03 against the greenback.
On Wednesday, the local unit closed at 278.45.
Meanwhile, the dollar clung to its recent strength near a two-month high on Thursday.
The euro stood at $1.1604, and the British pound traded at $1.3424, both largely flat so far in Asia.
The risk-sensitive Australian dollar was steady at $0.7132, and the New Zealand dollar rose 0.2% to $0.5872 to rebound from a one-week low.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was a shade higher at 99.47, after hitting the strongest level since April 7 in the previous session.
Oil prices fell on Thursday after a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the U.S.-Israeli war with Iran that could lead to a reopening of the Strait of Hormuz.
Trade was cautious and losses were limited. Brent futures were down $1.14, or 1.2%, to $96.67 a barrel at 1022 GMT, while U.S. West Texas Intermediate crude was down 90 cents, or 0.9%, to $95.12.
The two contracts rose about 2% on Wednesday after renewed Middle East hostilities, including Iranian attacks on Kuwait and U.S. military strikes near the Strait of Hormuz.
Inter-bank market rates for dollar on Thursday
BID Rs 278.42
OFFER Rs 278.62
Open-market movement
In the open market, the PKR lost 11 paise for buying and 3 paise for selling against USD, closing at 278.55 and 279.47, respectively.
Against Euro, the PKR lost 15 paise for buying and 45 paise for selling, closing at 322.18 and 325.78, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and gained 4 paise for selling, closing at 75.57 and 76.33, respectively.
Against Saudi Riyal, the PKR lost 4 paise for buying and 3 paise for selling, closing at 73.82 and 74.57, respectively.
Open-market rates for dollar on Thursday
BID Rs 278.55
OFFER Rs 279.47
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