Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Monday.
At close, the rupee settled at 281.75, a gain of Re0.02 against the greenback. This was rupee’s 17th consecutive gain against the greenback.
During the previous week, the Pakistan rupee continued its winning streak as it gained Re0.13 or 0.05% against the US dollar in the inter-bank market.
The local unit closed at 281.77, against 281.90 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Internationally, the US dollar was adrift on Monday as markets looked ahead to a raft of US labour market data this week that could determine the size of the Federal Reserve’s expected rate cut later this month.
Traders were also still assessing Friday’s US inflation data and a court ruling that most of Donald Trump’s tariffs are illegal, as well as the US president’s ongoing tussle with the Fed over his attempt to fire Governor Lisa Cook.
The dollar rose 0.1% against the yen to 147.20 in the early Asian session, after having clocked a monthly decline of 2.5% against the Japanese currency on Friday.
The euro was up 0.1% to $1.1693, while sterling edged 0.05% higher to $1.3510. US markets are closed for a holiday on Monday.
Investors are currently pricing in an 87% chance the Fed will ease rates by 25bps later this month, according to the CME FedWatch tool.
Against a basket of currencies, the dollar eased 0.04% to 97.79, having clocked a monthly decline of more than 2% on Friday.
Rate expectations aside, the dollar has also been weighed down by worries over Fed independence, as Trump steps up his campaign to exert more influence over monetary policy.
Oil prices, a key indicator of currency parity, edged up on Monday as worries about rising output and the impact on demand from US tariffs offset supply disruptions stemming from intensified Russia-Ukraine airstrikes and pressure from a weaker dollar.
Brent crude was up 31 cents, or 0.46%, at $67.79 a barrel by 0823 GMT. US West Texas Intermediate crude slipped by 32 cents, or 0.5%, to $64.33.
