Rupee’s Performance Against US Dollar Since 20 Jan 2025
The Pakistani rupee saw marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Thursday.
At close, the currency settled at 280.05, a loss of Re0.08 against the greenback.
On Wednesday, the rupee had closed at 279.97.
Internationally, the US dollar rebounded slightly on Thursday thanks to a rise in US Treasury yields, though currencies traded in tight ranges as investors struggled to determine the impact of an escalating global trade war on US inflation and growth.
US President Donald Trump on Wednesday threatened further tariffs on European Union goods, as major US trading partners said they would retaliate for trade barriers already erected by him.
A rise in global trade tensions and worries over US recession risks have rattled global markets and sparked huge volatility in the foreign exchange market, as traders seesaw between relief and angst over Trump’s whipsawing policy changes.
Markets were a tad calmer in the early Asian session on Thursday as investors got a break from the flurry of headlines about US trade policy.
The dollar rose 0.05% against the yen to 148.31, recovering some of its losses from earlier in the week when it fell to a five-month low against the Japanese currency, as fears of an economic downturn in the US sparked a rush to the Japanese currency as a safe haven.
Data released on Wednesday showed US inflation rose slightly less than expected in February, but the relief it offered could be temporary as the data did not fully capture the cascade of Trump’s tariffs.
Oil prices, a key indicator of currency parity, were largely steady on Thursday after surging in the previous session on a larger-than-expected draw in US gasoline stocks, as markets weighed macroeconomic concerns against firm near-term demand expectations.
Brent futures were up 17 cents to $71.12 a barrel at 0843 GMT, while US West Texas Intermediate crude futures were up 13 cents to $67.81 a barrel.
Both benchmarks rallied about 2% on Wednesday after US government data showed tighter-than-expected oil and fuel inventories.
Inter-bank market rates for dollar on Thursday
BID Rs 280.05
OFFER Rs 280.25
Open-market movement
In the open market, the PKR lost 11 paise for buying and 3 paise for
selling against USD, closing at 279.61 and 281.62, respectively.
Against Euro, the PKR gained 30 paise for buying and 15 paise for
selling, closing at 304.05 and 306.90, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and 1 paise for selling, closing at 76.16 and 76.71, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 74.54 and 75.00, respectively.
Open-market rates for dollar on Thursday
BID Rs 279.61
OFFER Rs 281.62
