Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its positive momentum, appreciating 0.01% against the US dollar in the inter-bank market on Friday.
At close, the rupee settled at 281.77, a gain of Re0.03 against the greenback. This was rupee’s 16th consecutive gain against the greenback.
On Thursday, the local unit had closed the session at 281.80.
The Asian Development Bank (ADB) will provide a $3 million grant to Pakistan from the Asia Pacific Disaster Response Fund to support emergency flood relief efforts in the country, according to a ADB statement on Friday.
Internationally, the US dollar wobbled on Friday, poised for a 2% drop in August against major currencies on rising odds of the Federal Reserve cutting interest rates next month while worries about the threats to the US central bank’s independence linger.
President Donald Trump’s campaign to exert more influence over monetary policy, including attempts to fire Lisa Cook, one of the Fed’s governors, has weighed on the dollar. Cook filed a lawsuit claiming Trump has no power to remove her from office.
The legal battle is the latest chapter in Trump’s attempts to reshape the central bank after repeatedly criticizing the Fed and its Chair Jerome Powell for not cutting interest rates.
Currency markets started Friday tentatively, with the euro little changed at $1.1675, on course for a 2% gain in August. Sterling last bought $1.3509 and the Japanese yen fetched 146.97 per dollar.
The Australian dollar was steady at $0.6533, set for a 1.6% gain in the month.
The dollar index, which measures the US currency against six major peers, was at 97.917, on course for a 2% decline in the month.
The index is down nearly 10% this year as erratic US trade policies drove investors towards alternative assets.
Oil prices, a key indicator of currency parity, fell on Friday, but were set for a weekly gain, tugged between uncertainty about Russian supply and expectations of lower demand as the summer driving season in the United States, the world’s biggest fuel consumer, nears its close.
Brent crude futures for October delivery, which will expire on Friday, fell 40 cents, or 0.6%, to $68.22 by 1200 GMT, while the more active contract for November was down 19 cents, or 0.3%, to $67.79. West Texas Intermediate crude futures were down 20 cents, or around 0.3%, at $64.4.
Brent was up 0.7% so far for the week, while WTI was up around 1.2%.
Inter-bank market rates for dollar on Friday
BID Rs 281.77
OFFER Rs 281.97
Open-market movement
In the open market, the PKR gained 9 paise for buying and 10 paise for selling against USD, closing at 282.77 and 283.60, respectively.
Against Euro, the PKR lost 22 paise for buying and 24 paise for selling, closing at 328.65 and 330.64, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 76.96 and 77.20, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 75.26 and 75.50, respectively.
Open-market rates for dollar on Friday
BID Rs 282.77
OFFER Rs 283.60
