Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee declined further against the US dollar, depreciating 0.07% in the inter-bank market on Friday.
At close, the local currency settled at 281.71, a loss of Re0.19 against the greenback.
On Thursday, the rupee closed the day at 281.52.
Internationally, the US dollar headed for a weekly gain on most major peers on Friday as a U.S.-UK trade deal raised hopes of progress in looming US-China talks, while bets of imminent U.S. rate cuts receded after the Federal Reserve indicated it was in no hurry.
Financial markets are heading into the weekend with the focus squarely on trade negotiations from Washington and Beijing due to begin on Saturday in Switzerland.
The euro was steady in the Asia morning and down 0.6% for the week at $1.1217. The yen has weakened about 0.7% this week and hit a one-month trough of 146.18 per dollar, before steadying around 145.78.
Sterling, which had rallied on news reports of an impending US-UK trade deal, gave back gains when the agreement turned out to be pretty limited and struck a three-week low of $1.3220 in early trade on Friday.
The “general terms” agreement modestly expands agricultural access for both countries and lowers prohibitive US duties on British car exports, but leaves in place the 10% baseline.
Oil prices, a key indicator of currency parity, were up on Friday, after rising about 3% in the previous session, as trade tensions between top oil consumers US and China showed signs of easing and Britain announced a “breakthrough” trade deal with the United States.
Brent crude rose 43 cents, or 0.68%, to $63.27 a barrel while US West Texas Intermediate crude was up 42 cents, or 0.7%, at $60.33 a barrel as at 0731 GMT.
On Thursday, both contracts settled nearly 3% up.
US Treasury Secretary Scott Bessent will meet China’s top economic official Vice Premier He Lifeng in Switzerland on May 10 to work toward resolving trade disputes that have threatened growth in the consumption of crude oil.
Inter-bank market rates for dollar on Friday
BID Rs 281.71
OFFER Rs 281.90
Open-market movement
In the open market, the PKR lost 28 paise for buying and 12 paise for
selling against USD, closing at 281.78 and 283.36, respectively.
Against Euro, the PKR gained 1.15 rupee for buying and 1.59 rupee for selling, closing at 316.38 and 319.88, respectively.
Against UAE Dirham, the PKR lost 8 paise for buying and 4 paise for selling, closing at 76.73 and 77.43, respectively.
Against Saudi Riyal, the PKR lost 13 paise for buying and 8 paise for selling, closing at 74.95 and 75.66, respectively.
Open-market rates for dollar on Friday
BID Rs 281.78
OFFER Rs 283.36
