Pakistani rupee records 21st successive gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Friday.

At close, the rupee settled at 281.65, a gain of Re0.02 against the greenback. This was the rupee’s 21st consecutive gain against the greenback.

On Thursday, the local unit closed at 281.67.

Internationally, the US dollar mostly held its ground on Friday as bond markets stabilised and traders awaited key US jobs data expected to firm up the case for an interest rate cut by the Federal Reserve.

The greenback inched up in US hours on Thursday and was poised for a second straight weekly gain on relatively light trading and as investors refrained from big moves ahead of the payrolls figures.

Data on Thursday showing higher-than-expected applications for jobless benefits in the United States served as a prelude to the more critical non-farm payrolls report that will feed into the Fed’s policy decision this month.

Bonds rallied in the US, Europe, and Japan after fiscal concerns spurred a run-up in long-term yields. The yen edged higher as Japan’s chief trade negotiator spelled out details of a solidified trade deal with the US

Concerns about US President Donald Trump’s meddling with the Fed policy and his unpredictable tariffs have compelled investors to be shy of holding dollar assets of late, said Bart Wakabayashi, the Tokyo Branch Manager of State Street.

The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was little changed at 98.207, set for a 0.4% gain this week.

The greenback dropped 0.2% to 148.22 yen. The euro was up 0.1% on the day at $1.1656.

Oil prices, a key indicator of currency parity, extended its decline into a third session on Friday, heading for a weekly loss for the first time in three weeks as expectations grow of higher supply and a surprise increase in US crude inventories added to demand concerns.

Brent crude futures fell $1.33, or 1.99%, to $65.66 a barrel by 1323 GMT, while US West Texas Intermediate crude dropped $1.36, or 2.14%, to $62.12.

Inter-bank market rates for dollar on Friday

BID                            Rs 281.65

OFFER                      Rs 281.85

Open-market movement

In the open market, the PKR gained 6 paise for buying and 10 paise for selling against USD, closing at 282.27 and 283.10, respectively.

Against Euro, the PKR lost 80 paise for buying and 87 paise for selling, closing at 328.90 and 330.87, respectively.

Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 76.83 and 77.10, respectively.

Against Saudi Riyal, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 75.13 and 75.40, respectively.

Open-market rates for dollar on Friday

BID                            Rs 282.27

OFFER                      Rs 283.10