Pakistan rupee depreciates to 17-month low against US dollar
Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee declined further against the US dollar, depreciating 0.03% in the inter-bank market on Thursday to hit 17-month low.
At close, the local currency settled at 282.06, a loss of Re0.09 against the greenback.
On Wednesday, the Pakistani rupee closed the day at 281.97.
The rupee was previously recorded at 282 level against the US dollar on December 27, 2023.
'A rise in import demand has put pressure on the currency,' Sana Tawfik, head of research at brokerage Arif Habib, said.
Internationally, US fiscal concerns and a tepid auction of Treasury bonds slapped the US dollar to a two-week low versus the yen on Thursday, while President Donald Trump tried to push his sweeping spending and tax-cut bill through Congress.
The lacklustre 20-year bond sale reinforced the 'Sell America' narrative, weighing on not just the US dollar but Wall Street as well, with traders already jittery after Moody's cut the US triple-A credit rating last week.
Bitcoin pushed to a fresh all-time high on Thursday, partly as investors sought out alternatives to US assets. Gold also benefitted, reaching an almost two-week top of $3,325.79 and putting it within $175 of April's record peak.
The US dollar slipped to 143.27 yen early in Asia, the weakest level since May 7.
Bitcoin was last 1.6% higher at $110,049.82, after earlier reaching a record high of $110,636.58.
Oil prices, a key indicator of currency parity, fell 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures fell 64 cents, or 1%, to $64.27 a barrel by 0800 GMT.
US West Texas Intermediate crude dropped 59 cents, or 1%, to $60.98.
Inter-bank market rates for dollar on Thursday
BID Rs 282.06
OFFER Rs 282.26
Open-market movement
In the open market, the PKR lost 15 paise for both buying and selling against USD, closing at 283.09 and 284.15, respectively.
Against Euro, the PKR lost 2 paise for buying and 3 paise for selling, closing at 320.07 and 322.77, respectively.
Against UAE Dirham, the PKR lost 6 paise for buying and 5 paise for selling, closing at 77.15 and 77.55, respectively.
Against Saudi Riyal, the PKR lost 6 paise for buying and 2.05 rupees for selling, closing at 75.46 and 77.85, respectively.
Open-market rates for dollar on Thursday
BID Rs 283.09
OFFER Rs 284.15
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