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 closed the session at 281.80.
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 are set for a weekly gain, caught between expectations of lower demand as the end of summer nears in the United States, the world’s biggest consumer, and uncertainty about the availability of Russian supply.
Brent crude futures for October delivery, which will expire on Friday, fell 39 cents, or 0.6%, at $68.23 at 0641 GMT, while the more active contract for November slid 38 cents, or 0.6%, to $67.60.
West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $64.21.
Brent is set for a weekly gain of 0.6%, while WTI is set to climb by 0.8%.
