Rupee continues to gain against US dollar

Rupee's Performance Against US Dollar Since 04 March 2025

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

At close, the currency settled at 280.72, a gain of Re0.04 against the greenback.

On Thursday, the local unit closed at 280.76.

Globally, the US dollar struggled to claw back steep losses on Friday and was on track for a weekly fall, as investors awaited a backlog of US data following the government’s reopening, which they expect will likely point to a weakening economy.

The overnight move lower in the dollar came alongside a selloff in US equities and bonds eerily reminiscent of the market turmoil in April, as investors pared back bets of a Federal Reserve rate cut in December.

However, expectations of a more hawkish Fed failed to lift the dollar, which fell to a two-week low against the euro overnight.

The common currency bounced back above the $1.16 mark and last bought $1.1630.

The Swiss franc similarly held near an over three-week high and steadied at 0.7933 per dollar. Against a basket of currencies, the greenback languished near a two-week low at 99.27.

The dollar index was headed for a weekly fall of 0.3%.

The Japanese currency was on track for a fall of nearly 0.8% for the week.

Down Under, the Australian dollar fell 0.02% to $0.6529, having slid overnight owing to the broad risk-off sentiment.

The New Zealand dollar last bought $0.5654, having similarly lost 0.25% in the previous session.

Oil prices, a key indicator of currency parity, climbed more than 1% on Friday, boosted by supply fears after the Black Sea port of Novorossiysk halted oil exports following a Ukrainian drone attack that hit an oil depot in the major Russian energy hub.

Brent crude futures were up 87 cents, or 1.4%, at $63.88 a barrel by 1221 GMT, while US West Texas Intermediate crude advanced 93 cents, or 1.6%, to $59.62 a barrel.

Inter-bank market rates for dollar on Friday

BID Rs 280.72

OFFER Rs 280.92

Open-market movement

In the open market, the PKR remained unchanged for buying and gained 5 paise for selling against USD, closing at 281.38 and 281.75, respectively.

Against Euro, the PKR lost 72 paise for buying and 1.06 rupee for selling, closing at 326.50 and 329.66, respectively.

Against UAE Dirham, the PKR gained 4 paise for buying and 1 paisa for selling, closing at 76.61 and 77.42, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 74.94 and 75.59, respectively.

Open-market rates for dollar on Friday

BID Rs 281.38

OFFER Rs 281.75