Rupee’s Performance Against US Dollar Since 04 March 2025
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The Pakistani rupee strengthened against the US dollar, appreciating 0.01% in the inter-bank market on Friday.
At close, the local currency was hovering at 279.47, a gain of Re0.03 against the greenback.
On Thursday, the local unit closed at 279.50.
Internationally, the Australian dollar was poised for another sharp monthly gain on Friday as expectations grow for a more hawkish central bank, while the yen was headed for a loss as the Bank of Japan contends with an emboldened reflationist prime minister.
Investors have had to grapple this month with geopolitical tensions, a pivotal US Supreme Court ruling over Trump’s tariffs and fickleness over the artificial intelligence trade, among other developments.
But moves in the currencies for the month were driven primarily by shifting rate expectations.
The Australian dollar, which was steady at $0.7106 on Friday, was on track for a monthly gain of roughly 2%.
Sterling was steady at $1.3484, set to snap three straight months of gains with a 1.5% fall in February.
The British pound has been undermined by a dovish tilt from the Bank of England, with traders now pricing in an 83% chance of a rate cut in March.
The US dollar was set to gain 0.6% for the month, helped by a slightly more hawkish Federal Reserve after “several” policymakers signalled at January’s policy meeting their openness to rate hikes if inflation remains elevated.
Nonetheless, investors continue to price in two more Fed cuts this year.
Oil prices, a key indicator of currency parity, inched down on Friday and were on track for a weekly decline after the United States and Iran extended nuclear talks, easing concerns about potential hostilities that could disrupt supply, while OPEC+ may resume output hike at its Sunday meeting.
Brent crude futures lost 5 cents to $70.70 a barrel by 0331 GMT. U.S. West Texas Intermediate crude fell 1 cent to $65.20.
For the week, Brent was heading for a 1.8% decline, while WTI was set to fall around 2.2%, reversing some of the previous week’s gains.
American Dollar Exchange Rate