Pakistan rupee registers gain against US dollar
- Currency settles at 276.61 against greenback
The Pakistani rupee marginally gained against the US dollar, closing at 276.61. This happened as the dollar strengthened globally on Fed rate hike bets, while oil prices declined.
- Pakistani rupee's marginal gain against the US dollar.
- US dollar's 19-month high driven by Federal Reserve rate hike expectations.
- Oil price decline amid easing geopolitical tensions and oversupply worries.
The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Thursday.
The local unit closed the day at 276.61, a gain of Re0.01 against the greenback.
On Wednesday, the rupee had closed at 276.62 against the dollar.
Internationally, the US dollar climbed to a 19-month high against major peers on Thursday, supported by growing expectations of a Federal Reserve rate hike, while the yen edged toward the key 160-per-dollar level following a dovish central banker’s speech.
Traders ramped up bets on further Fed tightening after stronger-than-expected October inflation data and a series of hawkish remarks from US central bank officials, who expressed concern over stubborn inflation and left open the possibility of a larger 50-basis-point increase.
Some major brokerages, including Goldman Sachs, now expect another hike early next year, in addition to one in December.
The dollar index, which measures the greenback against a basket of currencies, rose by 0.15% to 103.02, the highest since April 2025.
Against the Japanese yen, the dollar reversed an earlier decline to trade 0.04% higher at 159.83, underpinned by wide interest-rate differentials as traders increased bets on further Fed hikes. It hit a more than two-month high earlier on Thursday.
Oil prices, a key indicator of currency parity, edged higher on Thursday after earlier losses, as persistent geopolitical tensions in the Middle East and Russia offset pressure from rising crude output.
Brent futures were up 65 cents at $93.40 a barrel at 1425 GMT. US West Texas Intermediate crude was up 1 cent to $86.54; both contracts fell more than $1 per barrel in early Asian trading. They were also headed for a weekly fall.
Inter-bank market rates for dollar on Thursday
BID Rs 276.61
OFFER Rs 276.81
Open-market movement
In the open market, the PKR gained 3 paise for buying and 10 paise for selling against USD, closing at 277.09 and 278.23, respectively.
Against Euro, the PKR gained 1.72 rupee for buying and 1.69 rupee for selling, closing at 306.65 and 309.92, respectively.
Against UAE Dirham, the PKR gained 1 paisa for both buying and selling, closing at 75.47 and 76.09, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 2 paise for selling, closing at 73.79 and 74.36, respectively.
Open-market rates for dollar on Thursday
BID Rs 277.09
OFFER Rs 278.23
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