Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee declined against the US dollar on Thursday, depreciating by 0.04% to hit 15-month low in the inter-bank market.
At close, the local currency settled at 281.07 against the greenback.
The last time the rupee had closed at 281 level against the dollar was in January 2024.
On Wednesday, the rupee had closed the day at 280.97 against the US dollar.
Internationally, the dollar took a breather on Thursday, following a sharp bounce after President Donald Trump backed away from threats to fire Federal Reserve chair Jerome Powell and his administration opened the door to a softer stance on China tariffs.
After dipping below 140 yen on Tuesday, the dollar has rebounded off major chart support and was last at 143.25 yen on Thursday.
It caught an extra boost when Treasury Secretary Scott Bessent said the U.S. did not have a specific currency target in mind, ahead of talks with his Japanese counterpart. Bessent has also said the current de-facto embargo on U.S.-China trade was unsustainable, while cautioning that the U.S. would not move first in lowering its levies of more than 100% on Chinese goods.
The dollar has recovered from a three-and-a-half-year low of $1.1572 per euro, but encountered a little selling in the Asia morning to steady around $1.1338.
Oil prices, a key indicator of currency parity, recovered some losses on Thursday, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and U.S.-Iran nuclear talks.
Brent crude futures were up 52 cents, or 0.79%, at $66.64 a barrel by 1034 GMT while U.S. West Texas Intermediate crude gained 59 cents, or 0.95%, to $62.86.
Prices had slid almost 2% in the previous session after Reuters reported that several OPEC+ members would suggest the group accelerate oil output increases for a second month in June, citing sources familiar with the OPEC+ talks.
Kazakhstan, which produces about 2% of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interest rather than that of OPEC+ in deciding production levels, Reuters reported on Wednesday.
Inter-bank market rates for dollar on Thursday
BID Rs 281.06
OFFER Rs 281.26
Open-market movement
In the open market, the PKR lost 26 paise for buying and 9 paise for selling against USD, closing at 280.88 and 282.58, respectively.
Against Euro, the PKR gained 60 paise for buying and 76 paise for selling, closing at 318.70 and 321.84, respectively.
Against UAE Dirham, the PKR lost 6 paise for both buying and selling, closing at 76.36 and 77.09, respectively.
Against Saudi Riyal, the PKR lost 6 paise for buying and 9 paise for selling, closing at 75.01 and 75.72, respectively.
Open-market rates for dollar on Thursday
BID Rs 280.88
OFFER Rs 282.58
