RECORDER REPORT
KARACHI: The Pakistani rupee saw slight decline against the US dollar, depreciating 0.02% in the inter-bank market on Wednesday.
At close, the currency settled at 280.78, a loss of Re0.05 against the US dollar.
On Tuesday, the currency settled at 280.73.
Internationally, the US dollar lost ground to the safe-haven yen and Swiss franc on Wednesday as the imminent imposition by the US of 104% tariffs on China spooked world equity markets and sent the Chinese yuan to record lows.
President Donald Trump showed no sign of backing away from the new increase of 50% on China, which goes into effect in just a few hours, accusing Beijing of manipulating the yuan to offset the levies.
The US dollar has already reached an all-time top on the yuan offshore at 7.4288, breaching the previous high at 7.3765, and all eyes are on China’s central bank to see whether it allows a further easing at its daily fix.
Worries about a US downturn were pressuring the dollar elsewhere as markets returned to pricing in more rate cuts from the Federal Reserve.
Fed fund futures jumped in early Asian trade to imply around 111 basis points of cuts this year, compared to 92 basis points early on Tuesday.
Fresh losses in US stock futures and heavy selling in longer-dated US Treasuries sparked demand for safe haven currencies, notably the yen and Swiss franc.
Oil prices, a key indicator of currency parity, fell for a fifth day on Wednesday to their lowest since February 2021 after U.S. President Donald Trump’s “reciprocal” tariffs took effect, including a 104% duty on Chinese goods, intensifying a global trade war.
Brent futures dropped $2.10, or 3.34%, to $60.72 a barrel as of 0935 GMT. U.S. West Texas Intermediate crude futures fell $2.04, or 3.42%, to $57.54. Both contracts lost as much as 4% before paring some losses.
Open-market movement
In the open market, the PKR lost 31 paise for buying and 19 paise for selling against USD, closing at 280.05 and 282.15, respectively.
Against Euro, the PKR lost 2.76 rupees for buying and 2.59 rupees for selling, closing at 308.01 and 311.20, respectively.
Against UAE Dirham, the PKR lost 18 paise for buying and 22 paise for selling, closing at 76.21 and 76.94, respectively.
Against Saudi Riyal, the PKR lost 16 paise for buying and 21 paise for selling, closing at 74.41 and 75.13, respectively.
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Open Bid Rs 280.05
Open Offer Rs 282.15
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
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Open Bid Rs 280.77
Open Offer Rs 280.97
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RUPEE IN LAHORE: The Pak witnessed a marginal selling pressure against both the US dollar and the British pound.
According to local market sources, the Pak rupee closed at Rs 280.00 and Rs 282.00 against the US dollar compared to the previous closing of Rs 279.50 and Rs 281.75, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 357.50 and Rs 361.00 against the previous closing of Rs 356.00 and Rs 359.50, respectively.
Copyright Business Recorder, 2025
