RECORDER REPORT
KARACHI: The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Thursday.
At close, the rupee settled at 281.56, a gain of Re0.04 against the greenback. This was the rupee’s 25th consecutive gain against the greenback.
On Wednesday, the local unit closed at 281.60.
Globally, the US dollar stabilised in early Asian trading hours on Thursday after an unexpected drop in US factory-gate prices bolstered expectations the Federal Reserve will cut rates next week and traders awaited US consumer price data due later in the day.
The dollar index nudged upwards to 97.822, rising for a third consecutive day after the Producer Price Index for final demand fell 0.1% during August, the Labor Department’s Bureau of Labor Statistics said on Wednesday.
Markets are trading on expectations that the prospect of the Fed easing is a certainty and the only remaining question is by how much. Traders are pricing in an 8% chance of a jumbo 50 basis points (bps) rate cut at the central bank’s September meeting, while a cut of at least 25 bps is viewed as a done deal, according to the CME Group’s FedWatch tool.
Against the yen, the dollar was trading flat at 147.41 yen.
The euro edged upwards to $1.1698 ahead of the European Central Bank’s policy meeting later on Thursday, where it is widely expected to keep rates on hold.
Oil prices, a key indicator of currency parity, prices fell on Thursday, pressured by concerns over softening US demand and broad oversupply that offset threats to output from conflict in the Middle East and the Russian war in Ukraine.
Brent crude futures were down $1.13, or 1.7%, at $66.36 a barrel by 1319 GMT while US.West Texas Intermediate crude futures lost $1.16, or 1.8%, to $62.51.
“Oil prices are falling today in response to bearish IEA headlines, which suggest massive oversupply on the oil market next year,” said Commerzbank analyst Carsten Fritsch.
Open-market movement
In the open market, the PKR lost 1 paise for buying and gained 10 paise for selling against USD, closing at 282.14 and 282.70, respectively.
Against Euro, the PKR gained 39 paise for buying and 29 paise for selling, closing at 331.02 and 334.60, respectively.
Against UAE Dirham, the PKR lost 6 paise for buying and 7 paise for selling, closing at 77.35 and 78.10, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 7 paise for selling, closing at 75.45 and 76.08, respectively.
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Open Bid Rs 282.14
Open Offer Rs 282.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday
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Open Bid Rs 281.56
Open Offer Rs 281.76
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RUPEE IN LAHORE: The Pakistani rupee gained against the US dollar, but lost ground against the British pound.
According to local market sources, the Pakistani rupee closed at Rs 282.50 and Rs 282.70 against the US dollar, compared to the previous closing of Rs 282.60 and Rs 282.80, respectively.
In contrast, the Pakistani rupee closed at Rs 383.00 and Rs 388.00 against the British pound, compared to the previous closing of Rs 383.00 and Rs 387.00, respectively.
Copyright Business Recorder, 2025
