Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its positive momentum against the US dollar, appreciating marginally in the inter-bank market on Tuesday.
At close, the rupee settled at 281.61, a gain of Re0.01 against the greenback. This was the rupee’s 23rd consecutive gain against the greenback.
On Monday, the local unit closed at 281.62.
Globally, the US dollar sank to an almost seven-week low on Tuesday as investors braced for US data revisions that could show the job markets in worse shape than initially thought, shoring up the case for even deeper Federal Reserve interest rate cuts.
The US dollar index fell to its lowest since July 24 in Asia trade to 97.344 ahead of the release of preliminary benchmark revisions for jobs data covering the period from April 2024 to March 2025.
Economists anticipate a downward revision of as many as 800,000 jobs, which could signal that the Federal Reserve is behind the curve in efforts to achieve maximum employment.
Advisors to the Trump administration are preparing a report laying out the alleged shortcomings of the Bureau of Labour Statistics, which they may publish in the coming weeks, The Wall Street Journal, opens new tab reported on Tuesday, citing unnamed sources.
Last month, US President Donald Trump fired BLS Commissioner Erika McEntarfer, accusing her, without evidence, of faking the employment data.
Oil prices, a key indicator of currency parity, extended gains on Tuesday, supported by OPEC+’s latest oil output hike being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions on Russia.
Eight members of the Organization of the Petroleum Exporting Countries and allies agreed on Sunday to raise production from October by 137,000 barrels per day, lower than the increases of about 550,000 bpd they made for September and August.
Brent crude rose 73 cents, or 1.1%, to $66.75 a barrel at 0810 GMT, while US West Texas Intermediate crude climbed 58 cents, or 0.9%, to $62.84.
