KARACHI: The Pakistani rupee recorded a marginal improvement against the US dollar on Thursday, continuing its stable trend in the inter-bank foreign exchange market amid mixed global cues and easing geopolitical concerns.
According to official market data, the rupee appreciated by 0.01 percent against the US dollar during inter-bank trading. At the close of the session, the local currency settled at 279.87 per dollar, reflecting a gain of Re0.03. On the previous day, the rupee had closed at 279.90 against the greenback.
Currency dealers said the modest improvement was supported by balanced demand and supply conditions in the inter-bank market, along with relatively stable foreign inflows. Market participants noted that while gains remained limited, the rupee showed resilience despite global currency volatility.
On the international front, the US dollar maintained most of its overnight gains against major currencies. Investor sentiment improved after US President Donald Trump withdrew threats of imposing tariffs on several European NATO allies and signaled progress toward a diplomatic framework related to Greenland. These remarks eased fears of escalation, leading to reduced demand for traditional safe-haven assets.
As a result, the Swiss franc retreated from a three-week high, while gold prices declined from record levels. Meanwhile, the Australian dollar climbed to a 15-month high, supported by improved risk appetite and data showing an unexpected drop in Australia’s unemployment rate.
The Japanese yen remained under pressure, trading near historic lows against the euro, after Japan’s prime minister announced a snap election and pledged looser fiscal policies. The US dollar was last quoted at $1.1685 per euro and remained steady against the Swiss franc at 0.7953.
Oil prices, which play a significant role in influencing Pakistan’s currency outlook, fell on Thursday. Brent crude dropped to $63.99 per barrel, while West Texas Intermediate declined to $59.38, as investors assessed global supply-demand dynamics and reduced geopolitical tensions involving Iran and Greenland.
In the open market, the rupee remained unchanged for buying and strengthened by 17 paise for selling against the dollar, closing at 280.37 and 281.01, respectively. Against the euro, the rupee gained 57 paise for buying and 64 paise for selling. The local currency also showed slight gains against the UAE dirham and Saudi riyal.
Currency experts believe the rupee is likely to remain range-bound in the near term, with movements closely tied to global dollar trends, oil prices, and Pakistan’s external financing outlook.
