PKR records marginal improvement against US dollar

Business Jan, 10 2025
PKR records marginal improvement against US dollar
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KARACHI: The Pakistani rupee saw a slight improvement against the US dollar on Thursday, appreciating by 0.04% in the inter-bank market.

At the close of trading, the rupee settled at 278.61, gaining Rs. 0.11 from the previous day's rate of 278.72, according to the State Bank of Pakistan (SBP).Meanwhile, the US dollar strengthened globally, supported by rising Treasury yields, putting pressure on currencies like the yen, sterling, and euro, which hovered near multi-month lows. Market focus in 2025 has shifted to US President-elect Donald Trump's policies, which are expected to stimulate growth but also increase inflationary pressures. Trump is reportedly considering declaring a national economic emergency to justify universal tariffs, a move that has fueled concerns over trade relations. The dollar index, which tracks the greenback against six major currencies, rose to 109.03, just shy of its two-year high. The index had gained 7% last year, as traders adjusted expectations for a slower pace of US interest rate cuts. Oil prices, which are closely linked to currency values, remained stable, with Brent crude futures slightly down at $76.13 per barrel and US West Texas Intermediate crude at $73.22. Both benchmarks had dropped over 1% on Wednesday due to a stronger dollar and rising US fuel inventories. In the open market, the Pakistani rupee lost 13 paise for buying and gained 6 paise for selling against the US dollar, closing at 278.59 and 280.18, respectively. The rupee also strengthened against the euro, UAE dirham, and Saudi riyal.

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