Rupee records marginal improvement against US dollar

Rupee's Performance Against US Dollar Since 23 Jan 2025

The Pakistani rupee saw marginal improvement against the US dollar, appreciating 0.06% in the inter-bank market on Wednesday.

At close, the currency settled at 280.26, a gain of Re0.16 against the greenback.

On Tuesday, the rupee had closed at 280.42.

Internationally, the US dollar took a breather on Wednesday, with weak US confidence data and concerns about the effect of sweeping tariffs on US growth putting the brakes on a recent bounce.

The US dollar reversed by about 0.5% on the yen overnight, crossing below 150 yen to sit at 149.95 early in the Asia session. The euro, which spent a week edging lower from a five-month high, has now steadied at $1.0789.

The euro and Russia’s rouble had no immediate reaction to US deals with Russia and Ukraine to pause attacks at sea and on energy targets, though wheat prices fell as the US said it will push to lift sanctions on Russian agriculture.

Nerves are focused on next week, when US President Donald Trump has threatened to impose - or at least provide details of - a messy round of tariffs on autos, chips and pharmaceuticals.

The trade-sensitive Australian dollar hovered just above 63 cents ahead of monthly inflation data that is likely to be sticky and to reinforce bets the central bank will be in no rush to cut interest rates.

Oil prices, a key indicator of currency parity, edged higher on Wednesday as concerns about tighter global supply grew following the U.S. threat of tariffs on nations buying Venezuelan crude, along with a larger-than-expected drop in U.S. crude inventories.

Brent crude futures gained 49 cents, or 0.67%, to $73.51 a barrel by 0950 GMT, while U.S. West Texas Intermediate crude futures rose 48 cents, or 0.70%, to $69.48 a barrel.

Both contracts hit their highest in three weeks in the previous session.

Inter-bank market rates for dollar on Wednesday

BID Rs 280.26

OFFER Rs 280.46

Open-market movement

In the open market, the PKR lost 1 paisa for buying and gained 10 paise for selling against USD, closing at 279.68 and 281.94, respectively.

Against Euro, the PKR gained 49 paise for buying and 59 paise for selling, closing at 300.89 and 303.95, respectively.

Against UAE Dirham, the PKR gained 5 paise for buying and 1 paisa for selling, closing at 75.96 and 76.55, respectively.

Against Saudi Riyal, the PKR gained 15 paise for buying and 10 paise for selling, closing at 74.22 and 74.88, respectively.

Open-market rates for dollar on Wednesday

BID Rs 279.68

OFFER Rs 281.94