Pakistan rupee registers marginal gain against US dollar
- Settles at 278.06 against greenback
The Pakistani Rupee marginally gained against the US Dollar in the inter-bank market, closing at 278.06, while overseas remittances to Pakistan saw a significant increase.
- Pakistani Rupee's marginal gain against the US Dollar.
- Increased overseas workers' remittances to Pakistan.
- Global performance of the US dollar and oil prices.
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Thursday.
At close, the local currency settled at 278.06, a gain of Re0.01 against the greenback.
On Wednesday, the rupee closed at 278.07 against the dollar.
Overseas workers’ remittances to Pakistan increased by 9% to $41.6 billion in FY26, up from $38.3 billion in the previous fiscal year. During June, remittances stood at $3.475 billion, according to data from the State Bank of Pakistan (SBP).
The US dollar held firm against most major currencies on Thursday.
The dollar fetched 162.41 yen , hovering near the strongest level since July 1. The euro and the British pound were largely flat and traded at $1.1426 and $1.3392, respectively.
The New Zealand dollar remained well bid after the previous day’s rate hike and the central bank’s hawkish stance, extending its gains by 0.5% to $0.5725. The Australian dollar added 0.1% at $0.6936.
The US dollar index, which measures the currency against a basket of six peers, was little changed at 100.96.
Oil prices slid over 1% on Thursday as markets assessed the escalating conflict between the US and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz.
About 20% of global oil supplies passed through the strait before the Iran war.
Brent futures fell $1.12, or 1.4%, to $76.90 a barrel at 11:02am EDT (1502 GMT), while US West Texas Intermediate crude fell $1.20, or 1.6%, to $72.32.
Inter-bank market rates for dollar on Thursday
BID Rs 278.06
OFFER Rs 278.26
Open-market movement
In the open market, the PKR lost 2 paise for buying and gained 4 paise for selling against USD, closing at 278.82 and 279.36, respectively.
Against Euro, the PKR lost 53 paise for buying and 47 paise for selling, closing at 319.33 and 322.34, respectively.
Against UAE Dirham, the PKR lost 5 paise for buying and 8 paise for selling, closing at 76.07 and 76.66, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and 2 paise for selling, closing at 74.46 and 74.96, respectively.
Open-market rates for dollar on Thursday
BID Rs 278.82
OFFER Rs 279.36
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