Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee appreciated against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 278.40, a gain of Re0.01 against the greenback.
On Friday, the local unit closed at 278.41.
Meanwhile, the US dollar was perched near a two-month high on Monday after a blowout US jobs report sent traders ramping up bets on a Federal Reserve rate hike this year, while the yen teetered further into the intervention zone.
Moves in currencies were largely muted compared to the broader market, where a rout in technology stocks swept across Asia. The dollar held to its strong gains made in the wake of the report that showed nonfarm payrolls increased by 172,000 jobs last month, far exceeding estimates.
Against the US dollar, the euro fell to a two-month low of $1.1507, while sterling struggled at a three-week trough of $1.33165.
The Australian and New Zealand dollars similarly slid to their lowest in two months at $0.7016 and $0.5779, respectively.
Moreover, oil prices jumped more than $4 on Monday.
Brent crude futures rose $4.42 or 4.47% to $97.15 a barrel as of 0609 GMT, while US crude futures were up $4.07 or 4.50% at $94.61 per barrel.
Israel said on Monday it hit a petrochemical plant in Iran’s southwest, along with strikes elsewhere on military targets. That’s despite US President Donald Trump reportedly telling Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
In the first hit on an energy site inside Iran since the April 8 ceasefire, Israel said it struck targets at the Mahshahr petrochemical complex. A provincial official told Iran’s semi-official Fars news agency that parts of the plant were damaged.
Hopes are now eroding for an imminent end to the wider war and a restart to crude flows through the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas is transported.
Comments