Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee posted marginal improvement against the US dollar, appreciating 0.02% during trading in the interbank market on Thursday.
At close, the local currency settled at 283.67, a gain of Re0.05 against the greenback.
On Wednesday, the rupee settled at 283.72.
Internationally, the US dollar slipped to multi-year lows against the euro and Swiss franc on Thursday as concerns about the future independence of the U.S. Federal Reserve undermined faith in the soundness of the country’s monetary policy.
According to a Wall Street Journal report, U.S. President Donald Trump had toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell’s replacement by September or October, aiming to undermine his position.
Trump on Wednesday called Powell “terrible” for not lowering interest rates sharply, while the Fed Chair was telling the Senate that policy had to be cautious as the President’s tariff plans were a risk to inflation.
Markets have nudged up the chance of a rate cut at the Fed’s next meeting in July to 25%, from just 12% a week ago, and are pricing in 64 basis points of cuts by year-end, up from around 46 basis points last Friday.
For now, though, the dollar was under broad pressure as the euro gained 0.4% to $1.1710, its highest since September 2021. The break of resistance at $1.1692 opened the way to the next chart target up at $1.1909.
The dollar lost 0.4% on the yen to 144.62, while the dollar index sank to its lowest since early 2022 at 97.401.
Trump’s chaotic tariff policies are also coming back into focus as the clock ticks down to his July 9 deadline for trade deals.
Oil prices, a key indicator of currency parity, were steady on Thursday after erasing earlier gains as investors remained cautious about the Iran-Israel ceasefire while also shifting focus to market fundamentals.
Brent crude futures fell 11 cents, or 0.2%, to $67.57 a barrel by 0821 GMT. US West Texas Intermediate (WTI) crude fell 8 cents, or 0.1%, to $64.84 a barrel.
Both benchmarks climbed nearly 1% on Wednesday, recovering from early-week losses after data showed resilient U.S. demand.
Inter-bank market rates for dollar on Thursday
BID Rs 283.67
OFFER Rs 283.86
Open-market movement
In the open market, the PKR lost 21 paise for buying and 20 paise for selling against USD, closing at 284.76 and 285.95, respectively.
Against Euro, the PKR lost 3.30 rupees for buying and 3.39 rupees for selling, closing at 332.98 and 335.39, respectively.
Against UAE Dirham, the PKR lost 14 paise for buying and 1 paisa for selling, closing at 77.62 and 78.05, respectively.
Against Saudi Riyal, the PKR lost 11 paise for buying and remained unchanged for selling, closing at 75.93 and 76.30, respectively.
Open-market rates for dollar on Thursday
BID Rs 284.76
OFFER Rs 285.95
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