Pakistani currency, the rupee, records its 31st successive growth against the US dollar
The Pakistani rupee continued its upward trend against major currencies on Friday, marking its 31st consecutive gain against the US dollar. In the inter-bank market, the rupee settled at 281.46 against the US dollar, while in the open market, the buying rate for the US dollar was Rs 281.98 and the selling rate was Rs 282.50.
The US currency held largely steady in early Asian trading on Friday, but it is on course for its third straight weekly loss. The dollar index recovered slightly from a three-and-a-half-year low on Wednesday.
Against the Euro, the PKR's buying rate was 331.76 rupees and the selling rate was 335.05 rupees, reflecting a gain of 1.54 rupees for buying and 1.33 rupees for selling. The Pakistani rupee also appreciated against the UAE Dirham and the Saudi Riyal, gaining 2 and 6 paise respectively for buying and 4 and 3 paise respectively for selling.
Meanwhile, oil prices dropped on Friday, with Brent crude futures down 97 cents and US West Texas Intermediate futures down 72 cents. This could have a potential impact on Pakistan's economy, which is heavily reliant on oil imports.
In Japan, core consumer prices rose at their slowest pace in nine months, which could be a positive sign for the country's economy. However, the details of any sales of US dollars against the Pakistani rupee in the interbank market on Friday, March 4, 2025, are not publicly available.
The Pakistani rupee's continued appreciation against major currencies is a positive development for the country's economy, and it will be interesting to see how this trend continues in the coming days.
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