Pakistan rupee posts marginal gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee registered marginal improvement against the US dollar in the inter-bank market on Wednesday.

At close, the currency settled at 280.86, a gain of Re0.01 against the greenback.

On Tuesday, the local unit closed at 280.87.

Finance Minister Muhammad Aurangzeb said on Wednesday the International Monetary Fund (IMF) Executive Board was expected to approve the next tranche for Pakistan in “early” December 2025. The two sides reached the staff-level agreement (SLA) in Washington DC in mid-October.

Internationally, the safe-haven Japanese yen and US dollar garnered demand on Wednesday as an aggressive tech-led selloff on Wall Street spilled over into Asia.

The risk-sensitive Australian dollar remained weak after a 0.8% slide against the greenback on Tuesday, while the New Zealand dollar fared even worse. It hovered at a nearly seven-month low following a rise in the unemployment rate to the highest level since 2016. Against the Aussie, New Zealand’s currency languished at a 12-year trough.

Sterling wallowed near a seven-month low after British finance minister Rachel Reeves hinted at broad tax rises in her budget later this month.

The US dollar index, which measures the currency against the euro and sterling, along with the yen and three other peers - was steady at 100.18, after shooting as high as 100.25 for the first time since August 1.

The dollar has also been buoyed by sharp divisions among the Federal Reserve board on the correct path for policy, suggesting low odds for an interest rate cut at the next meeting in December.

Oil prices, a key indicator of currency parity, eased on Wednesday as investors digested weaker economic data from top oil importers, but an expected drop in US fuel inventories limited further losses.

Brent crude futures were down 37 cents, or 0.6%, at $64.07 a barrel by 1419 GMT, while US West Texas Intermediate crude was 43 cents, or 0.7%, lower at $60.13.

US West Texas Intermediate crude was also up 9 cents, or 0.15%, at $60.65.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 280.86

OFFER                      Rs 281.06

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 281.40 and 281.90, respectively.

Against Euro, the PKR gained 67 paise for buying and 89 paise for selling, closing at 322.72 and 325.97, respectively.

Against UAE Dirham, the PKR gained 2 paise for buying and 4 paise for selling, closing at 76.69 and 77.46, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for both buying and selling, closing at 74.95 and 75.57, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 281.40

OFFER                      Rs 281.90