Rupee registers gain against US dollar

Rupee’s Performance Against US Dollar Since 04 March 2025

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The Pakistani rupee registered a gain against the US dollar, appreciating 0.01% in the inter-bank market on Thursday.

At close, the currency settled at 281.41, a gain of Re0.02 against the greenback.

On Wednesday, the local unit closed at 281.43.

Internationally, the US dollar was steady on Thursday, holding its overnight gains, as traders weighed the prospect of a measured Fed easing cycle in the wake of a cautious tone from policymakers while awaiting data that may outline the impact of tariffs.

Traders have priced in 43 basis points of easing in the remaining two policy meetings this year, although comments from officials, including Federal Reserve Chair Jerome Powell, indicate that a lot will depend on the upcoming inflation and labour data.

The lack of clarity and consensus on future easing has meant traders are no longer fully pricing in a cut next month. The US dollar has ground higher since the Fed lowered interest rates last week, as expected.

The euro last bought $1.17425, steady in early Asian hours after dropping 0.6% in the previous session. Sterling was little changed at $1.3451 after also slipping 0.6% on Wednesday.

The dollar index, which measures the US currency against six other units, was at 97.813, hovering near a three-week high. The index is on the cusp of eking out a gain for the month.

Oil prices, a key indicator of currency parity, edged down on Thursday, retreating from the previous session’s seven-week high, as some investors took profits after US stocks closed lower and in anticipation of slower winter demand as well as the return of Kurdish supplies.

Brent futures were down 43 cents, or 0.6%, at $68.88 a barrel by 1310 GMT. US West Texas Intermediate futures lost 48 cents, or 0.7%, to $64.51.

Inter-bank market rates for dollar on Thursday

BID Rs 281.41

OFFER Rs 281.60

Open-market movement

In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 281.93 and 282.45, respectively.

Against Euro, the PKR gained 72 paise for buying and 40 paise for selling, closing at 331.03 and 334.59, respectively.

Against UAE Dirham, the PKR gained 2 paise for buying and 3 paise for selling, closing at 76.97 and 77.74, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and gained 7 paise for selling, closing at 75.10 and 75.74, respectively.

Open-market rates for dollar on Thursday

BID Rs 281.93

OFFER Rs 282.45