Courtesy: Business Recorder, 12 April 2025
RECORDER REPORT
KARACHI: The Pakistani rupee saw slight improvement against the US dollar, appreciating 0.03% in the inter-bank market on Friday.
At close, the currency settled at 280.47, a gain of Re0.09 against the US dollar.
On Thursday, the currency settled at 280.56.
Internationally, the US dollar slumped on Friday as waning confidence in the US economy prompted investors to ditch US assets to the benefit of safe havens such as the Swiss franc, yen and euro, as well as gold.
The yellow metal recorded a new all-time peak, and the franc notched a fresh decade high.
Investors dumped Wall Street stocks overnight, as a powerful relief rally on Wednesday – when President Donald Trump abruptly paused higher tariff rates on dozens of trading partners – reversed course in a frenetic 24-hour period for markets. Longer-dated US Treasuries are also selling off, putting 10-year yields on course for their biggest weekly jump since 2001.
The on-again, off-again approach has baffled world leaders and spooked business executives, who say the uncertainty has made it difficult to forecast market conditions.
The dollar dropped as much as 1.2% to 0.81405 Swiss franc for the first time since January 2015, extending Thursday’s nearly 4% plunge.
Oil prices, a key indicator of currency parity, rose on Friday after settling more than $2 a barrel lower in the previous session, but were set to drop for a second straight week on concerns over a prolonged trade war between the United States and China.
Brent futures rose 90 cents, or 1.4%, to $64.23 a barrel by 0646 GMT, while US West Texas Intermediate crude futures rose 88 cents, or 1.5%, to $60.95.
Brent is set to fall 2.1% this week, while WTI is on track to decline 1.8%.
Both benchmarks declined 11% in the previous week.
Open-market movement
In the open market, the PKR lost 2 paise for both buying and selling against USD, closing at 280.15 and 282.10, respectively.
Against Euro, the PKR lost 7.92 rupees for buying and 8.16 rupees for selling, closing at 316.06 and 319.39, respectively.
Against UAE Dirham, the PKR gained 13 paise for buying and lost 1 paisa for selling, closing at 76.11 and 76.98, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and lost 2 paise for selling, closing at 74.46 and 75.18, respectively.
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Open Bid Rs 280.15
Open Offer Rs 282.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Open Bid Rs 280.46
Open Offer Rs 280.66
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RUPEE IN LAHORE: The Pak sustained its previous position against the US dollar while losing against 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 280.00 and Rs 282.00, respectively.
However, regarding the British pound, the Pak rupee closed at Rs 364.50 and Rs 368.00, compared to the previous closing of Rs 359.00 and Rs 362.50, respectively.
Copyright Business Recorder, 2025
