Rupee strengthens further against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee maintained its upward trajectory against the US dollar, appreciating 0.02% during trading in the inter-bank market on Monday.

At close, the currency settled at 282.66, a gain of Re0.06.

During the previous week, rupee gained further against the US dollar in the inter-bank market as it appreciated by Re0.73 or 0.26%.

The local unit closed at 282.72, against 283.45 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

Internationally, a battered US dollar edged marginally higher on Monday after a dismal US jobs report and President Donald Trump’s firing of a top labour official stunned investors and led them to ramp up bets of imminent Federal Reserve rate cuts.

Data on Friday showed US employment growth undershot expectations in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labour market conditions.

Adding to headwinds for markets, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer the same day, accusing her of faking the jobs numbers.

An unexpected resignation by Fed Governor Adriana Kugler also opened the door for Trump to make an imprint on the central bank much earlier than anticipated. Trump has been at loggerheads with the Fed for not lowering interest rates sooner.

The barrage of developments dealt a one-two punch to the dollar, which sank more than 2% against the yen and roughly 1.5% against the euro on Friday.

The greenback recovered some of its losses against the Japanese currency on Monday, last trading 0.14% higher at 147.60 yen.

The euro fell 0.2% to $1.1560 , while sterling eased 0.1% to $1.3263.

Against a basket of currencies, the dollar edged up 0.2% to 98.86, after sliding more than 1% on Friday.

Oil prices, a key indicator of currency parity, fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, though traders remained wary of further sanctions on Russia.

Brent crude futures fell $1.17, or 1.7%, to $68.50 a barrel by 1127 GMT. U.S. West Texas Intermediate crude declined $1.26, or 1.9%, to $66.07. Both contracts lost about $2 on Friday.

Inter-bank market rates for dollar on Monday

BID                            Rs 282.66

OFFER                      Rs 282.85

Open-market movement

In the open market, the PKR gained 16 paise for buying and 5 paise for selling against USD, closing at 284.46 and 285.25, respectively.

Against Euro, the PKR lost 4.46 rupees for buying and 4.50 rupees for selling, closing at 328.65 and 330.30, respectively.

Against UAE Dirham, the PKR gained 5 paise for buying and 10 paise for selling, closing at 77.40 and 77.60, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 75.74 and 76.00, respectively.

Open-market rates for dollar on Monday

BID                            Rs 284.46

OFFER                      Rs 285.25