Pakistani currency, the rupee, records its 30th straight increase in value against the US dollar.
The Pakistani Rupee continued its impressive run against the US Dollar, appreciating by 0.01% on Thursday, according to data from the inter-bank market. The local currency closed the day at 281.47 against the greenback. This marks the 30th consecutive day of gains for the Rupee.
The open market also saw the Pakistani Rupee gain 5 paise for selling against the US Dollar, closing at 282.50. The Rupee remained unchanged for buying against the US Dollar, closing at 282.01.
The Federal Reserve, the central banking system of the United States, reduced interest rates by a quarter point on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year. This decision by the Fed led to a drop in the US Dollar, which sprang back vigorously later in the day to be as much as 0.44% higher.
Oil prices were little changed on Thursday, as traders weighed the start of looser monetary policy against concerns about the US economy. Brent crude futures rose 23 cents to $68.18 a barrel, while US West Texas Intermediate (WTI) crude rose 23 cents to $64.28.
In the open market, the Rupee also appreciated against the UAE Dirham and Saudi Riyal. Against the UAE Dirham, the Rupee gained 3 paise for selling, closing at 77.92, and 4 paise for buying, closing at 75.20 against the Saudi Riyal.
Against the Euro, the Rupee gained 63 paise for selling and 75 paise for buying, closing at 336.38 and 333.30 respectively.
However, no available search results specified which bank or financial institution recorded the highest bid price for the US Dollar versus the Pakistani Rupee in the OTC market on March 4, 2025.
Elsewhere, New Zealand's dollar tumbled and the Aussie dollar weakened due to unexpected economic data releases in their respective countries. The US Dollar was steady early on Thursday, following a plunge and rebound due to the Federal Reserve's measured rhetoric on further interest rate cuts.
The Pakistani Rupee's continued appreciation against the US Dollar is a positive sign for the country's economy, indicating improved investor confidence and a strengthening local currency. As the year progresses, it will be interesting to see how the Rupee continues to perform against major global currencies.
