Rupee’s Performance Against US Dollar Since 04 March 2025
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The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Thursday.
At close, the rupee settled at 281.47, a gain of Re0.03 against the greenback. This was the rupee’s 30th successive gain against the greenback.
On Wednesday, the local unit closed at 281.50.
Internationally, the US dollar was steady early on Thursday following its plunge to a 3-1/2-year low and then forceful rebound as traders grappled with the ramifications of the Federal Reserve’s measured rhetoric on further interest rate cuts.
New Zealand’s dollar tumbled after data showed the country’s economy shrank far more than expected in the second quarter, fuelling bets of steeper rate cuts this year. The Aussie dollar also weakened after the Australian employment unexpectedly declined in August.
The Fed reduced rates by a quarter point on Wednesday, as expected, and indicated it will steadily lower borrowing costs for the rest of this year. Fed Chair Jerome Powell characterised the day’s policy action as a risk-management cut in response to the weakening labour market, but said the central bank does not need to rush easing.
The US dollar dropped to its lowest since February 2022 at 96.224 against a basket of major peers immediately after the rate decision, but sprang back vigorously to be as much as 0.44% higher on the day at 97.074. It rose slightly on Thursday to stand at 97.095.
The Fed’s closely watched dot plot of policy expectations predicted a median 50 basis points of additional cuts over the remaining two policy meetings this year, but only one additional reduction in 2026.
Oil prices, a key indicator of currency parity, were little changed on Thursday as traders weighed the start of looser monetary policy after the U.S. Federal Reserve cut interest rates against concerns about the U.S. economy.
Brent crude futures rose 23 cents, or 0.3%, to $68.18 a barrel at 10:50 am EDT (1450 GMT), while US West Texas Intermediate (WTI) crude CLc1 rose 23 cents, or 0.4%, to $64.28.
Inter-bank market rates for dollar on Thursday
BID Rs 281.47
OFFER Rs 281.66
Open-market movement
In the open market, the PKR remained unchanged for buying and gained 5 paise for selling against USD, closing at 282.01 and 282.50, respectively.
Against Euro, the PKR gained 75 paise for buying and 63 paise for selling, closing at 333.30 and 336.38, respectively.
Against UAE Dirham, the PKR gained 7 paise for buying and 3 paise for selling, closing at 77.12 and 77.92, respectively.
Against Saudi Riyal, the PKR gained 5 paise for buying and 4 paise for selling, closing at 75.20 and 75.85, respectively.
Open-market rates for dollar on Thursday
BID Rs 282.01
OFFER Rs 282.50
American Dollar Exchange Rate