Rupee’s Performance Against US Dollar Since 04 March 2025
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The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.01% in the inter-bank market on Thursday.
At close, the currency settled at 280.92, a gain of Re0.04 against the greenback.
On Wednesday, the local unit closed at 280.96.
Internationally, the US dollar nudged higher on Thursday as traders scaled back bets of a US rate cut in December following pushback from Federal Reserve Chair Jerome Powell, pinning the yen near an eight-month low ahead of the Bank of Japan’s (BOJ) rate decision.
The day was shaping up to be another busy one for markets with the BOJ’s policy announcement due and a highly anticipated meeting between US President Donald Trump and China’s leader Xi Jinping, where the two will seek to de-escalate their trade war.
Investors were still reeling from the aftermath of the Fed decision in the early Asian session, after the US central bank lowered rates by 25 basis points as expected and said it will end its balance sheet drawdown on December 1.
But Powell took the punch bowl away by saying a policy divide within the central bank and a lack of federal government data may put another rate cut out of reach this year.
That sent the dollar rising broadly, with sterling last trading at $1.3195 after falling to a 5-1/2-month low in the previous session.
The euro was nursing losses and rose 0.03% to $1.1604, after weakening 0.43% overnight.
The market odds of the Fed delivering another quarter-point cut in December have eased to around 68%, having been nearly fully priced before Wednesday’s decision.
Oil prices, a key indicator of currency parity, eased on Thursday despite US President Donald Trump saying he would lower tariffs on China after a meeting with President Xi Jinping in South Korea, as there was scepticism that it marked an end to the trade war.
Brent crude futures, which had risen 52 cents on Wednesday, fell 20 cents or 0.31% to $64.72 a barrel by 0642 GMT.
US West Texas Intermediate crude futures also dropped by 20 cents or 0.33% to $60.28 after climbing 33 cents a day earlier.
Inter-bank market rates for dollar on Thursday
BID Rs 280.92
OFFER Rs 281.12
Open-market movement
In the open market, the PKR gained 1 paisa for buying and 4 paise for selling against USD, closing at 281.45 and 281.96, respectively.
Against Euro, the PKR gained 51 paise for buying and 52 paise for selling, closing at 326.85 and 330.10, respectively.
Against UAE Dirham, the PKR gained 3 paise for buying and 2 paise for selling, closing at 76.77 and 77.56, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and 2 paise for selling, closing at 75.02 and 75.64, respectively.
Open-market rates for dollar on Thursday
BID Rs 281.45
OFFER Rs 281.96
American Dollar Exchange Rate