Pakistan rupee posts marginal gain against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee recorded marginal gain against the US dollar in the inter-bank market on Thursday.

At close, the local currency settled at 280.45, a gain of Re0.01 against the greenback.

On Wednesday, the local unit closed at 280.46.

Internationally, the US dollar was soft on Thursday after lacklustre economic data cemented the case for a rate cut from the Federal Reserve next week, providing relief to the yen and pushing the euro to its highest level in nearly seven weeks.

Investors have also been weighing the prospect of White House economic adviser Kevin Hassett taking over as Fed Chair after Jerome Powell’s term ends in May. He is expected to push for more rate cuts.

US President Donald Trump said this week he will unveil his pick to succeed Powell early next year, extending a months-long selection process despite previously claiming he had already decided on a candidate.

A move to appoint Hassett could pressure the dollar, analysts have said, with bond investors expressing concerns to the US Treasury that Hassett could aggressively cut rates to align with Trump’s preferences, the Financial Times reported.

Traders are pricing in an 89% chance of a quarter-point rate cut next week, CME FedWatch showed, with an expected 89 basis points of easing by the end of next year. Analysts are sceptical about how long and deep the easing cycle would be.

Oil prices, a key indicator of currency parity, gained on Thursday after Ukrainian attacks on Russia’s oil infrastructure signalled potential supply constraints, and stalled peace talks tempered expectations of a deal restoring Russian oil flows to global markets, though weak fundamentals kept gains limited.

Brent crude rose 24 cents, or 0.38%, to $62.91 by 0349 GMT, while US West Texas Intermediate rose 29 cents, or 0.49%, to $59.24.