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Pakistani Rupee Registers Marginal Decline Against US Dollar
The Pakistani rupee decline by 0.04% against the US dollar on Wednesday in the inter-bank market. The currency closed at 277.96, a decline of Re0.12 compared to the previous day’s rate of 277.84, as reported by the State Bank of Pakistan (SBP).
In the open market, the rupee showed mixed trends, losing 6 paise for buying and 7 paise for selling, closing at 277.15 and 278.97, respectively.
Pakistani currency exchange rates
Globally, the US dollar steadied against major currencies as investors reacted to President-elect Donald Trump’s tariff pledges targeting the US’s largest trading partners: Canada, Mexico, and China. The greenback remained little changed against the Canadian dollar at C$1.4052 and showed slight recovery against the Mexican peso after hitting its highest levels since July 2022 in earlier sessions.
The US Dollar Index, which measures the currency against six major rivals, dipped slightly by 0.07%, standing at 106.83.
Oil Prices and Currency Parity
Oil prices, a significant factor influencing currency parity, rose modestly. Brent crude futures increased by 0.4% to $73.10 per barrel, while US West Texas Intermediate crude climbed to $69.03 per barrel. These movements come amidst discussions around a ceasefire between Israel and Hezbollah and an upcoming OPEC+ meeting, where a potential delay in oil output increases may be announced.
Key Exchange Rates on Wednesday
- Inter-Bank Market:
- Bid: Rs 277.96
- Offer: Rs 278.16
- Open Market:
- USD: Buying at Rs 277.15, Selling at Rs 278.97
- Euro: Buying at Rs 289.77, Selling at Rs 292.51
- UAE Dirham: Buying at Rs 75.27, Selling at Rs 75.97
- Saudi Riyal: Buying at Rs 73.52, Selling at Rs 74.18
Conclusion
The rupee’s marginal depreciation reflects a cautious market environment, both domestically and globally. As global economic events unfold, particularly those influenced by US policies and oil market dynamics, currency markets remain volatile, demanding close attention from investors and policymakers.
