Rupee’s Performance Against US Dollar Since 04 March 2025
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The Pakistani rupee registered slight improvement against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 280.06, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 280.07.
Globally, the US dollar hugged tight ranges on Wednesday ahead of a slew of US economic data that could set the tone for the Federal Reserve’s rate outlook, something traders consider more consequential for currencies than ongoing geopolitical tensions.
Markets have thus far largely brushed off deepening geopolitical fractures around the world, with stocks rallying and currencies and bonds little budged following the US intervention in Venezuela and the capture of President Nicolas Maduro.
Also on traders’ radar, China on Tuesday banned exports of dual-use items to Japan that can be used for military purposes, marking Beijing’s latest move in reaction to an early November remark by Japanese Prime Minister Sanae Takaichi about Taiwan.
Currencies were largely subdued in early Asia trade, with the Australian dollar the main mover as it fell 0.3% to a session low of $0.6717 in the wake of inflation data which undershot expectations, though it soon clawed back those losses.
Sterling was flat at $1.3502, while the Japanese yen was a touch stronger at 156.63.
Overall, currency traders were in a wait-and-see mode ahead of a batch of US labour market data, with figures on private payrolls and job openings due later in the day, before Friday’s closely watched nonfarm payrolls report comes due.
Ahead of the outcome, the dollar index was little changed at 98.58, while the New Zealand dollar last bought $0.5784.
Oil prices, a key indicator of currency parity, fell on Wednesday after President Donald Trump said the US had reached a deal to import $2 billion worth of Venezuelan crude, a move that is expected to increase supplies to the world’s largest oil consumer.
Brent crude futures fell 64 cents, or 1.1%, to $60.06 a barrel by 0550 GMT, while US West Texas Intermediate crude fell 82 cents, or 1.4%, to $56.44 a barrel.
Both benchmarks extended declines of more than $1 from the previous trading session, as market participants expected ample global supply this year.
American Dollar Exchange Rate