Rupee’s Performance Against US Dollar Since 04 March 2025
The Pakistani rupee improved against the US dollar, appreciating 0.04% in the inter-bank market on Thursday.
At close, the local currency settled at 281.61, a gain of Re0.11 against the greenback.
On Wednesday, the rupee closed the day at 281.72.
Internationally, the US dollar weakened on Thursday in a turbulent week headlined by a US-China tariff truce, while speculation that Washington is seeking a weaker dollar as part of some of the trade deals spurred further gains in the South Korean won.
The Asian currency was volatile again as investors weighed the news that officials from South Korea and the US met last week to discuss the dollar/won exchange rate.
That spurred speculation that Washington wanted a weaker dollar to be part of trade talks with Asian countries, although a report from Bloomberg played it down.
Still, concerns over the US administration’s dollar policy is likely to keep investors wary and underpin Asian currencies in the near term.
The won was 0.8% higher at 1,396.22 per dollar after a 0.6% rise in the previous session. The won was the worst performer among emerging Asian currencies last year, dropping 14% against the dollar but is up nearly 6% this year.
The sudden lurch in the won was reminiscent of an unprecedented two-day surge in Taiwan’s currency at the start of May, which also coincided with the end of US-Taiwan trade talks in Washington.
The dollar index, which measures the US unit against six other currencies, was 0.11% lower at 100.89, but on course for the fourth straight week of gains.
Investor focus on Thursday will be on retail sales data while they look for more details on possible trade deals after easing of tensions between the US and China.
The two countries on Monday announced a 90-day pause on most of the tariffs imposed on each other’s goods since early April, leading to a brief relief rally.
Oil prices, a key indicator of currency parity, fell by about $2 on Thursday on expectations for a US-Iran nuclear deal that could result in sanctions easing, while a surprise build in US crude oil inventories last week heightened investor concerns about oversupply.
Brent crude futures were down $1.99, or 3%, to $64.10 a barrel at 0806 GMT. US West Texas Intermediate (WTI) crude futures were down $2.05, or 3.3%, to $61.10.
Inter-bank market rates for dollar on Thursday
BID Rs 281.61
OFFER Rs 281.81
Open-market movement
In the open market, the PKR lost 22 paise for buying and 3 paise for selling against USD, closing at 282.50 and 283.75, respectively.
Against Euro, the PKR gained 74 paise for buying and 1.26 rupee for selling, closing at 315.85 and 318.53, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 76.93 and 77.45, respectively.
Against Saudi Riyal, the PKR lost 5 paise for buying and remained unchanged for selling, closing at 75.21 and 75.70, respectively.
Open-market rates for dollar on Thursday
BID Rs 282.50
OFFER Rs 283.75
