The Pakistani rupee continued its downward trend against the US dollar on Thursday, slipping by 0.03% in the inter-bank market and settling at Rs 282.06 — marking its lowest level in 17 months.
The local currency lost 9 paisas compared to Wednesday’s closing rate of Rs 281.97. The last time the rupee traded around this level was on December 27, 2023.
According to Sana Tawfik, Head of Research at Arif Habib Limited, the depreciation is primarily driven by a rise in import-related demand, putting pressure on the exchange rate.
On the global front, the US dollar weakened against the Japanese yen, falling to a two-week low of 143.27 amid concerns over US fiscal stability and a weak 20-year Treasury bond auction. Investor sentiment was further dampened following a recent downgrade of the US credit rating by Moody’s.
This uncertainty prompted investors to seek alternative assets. Bitcoin surged to a new all-time high of $110,636.58, before stabilizing at $110,049.82, up 1.6%. Gold prices also rose, reaching $3,325.79 — close to their April record.
Meanwhile, oil prices slipped by 1% after reports indicated that OPEC+ might increase output in July. Brent crude dropped 64 cents to $64.27 per barrel, while US West Texas Intermediate fell 59 cents to $60.98.
Inter-Bank Dollar Rates on Thursday:
- Bid: Rs 282.06
- Offer: Rs 282.26
Open Market Movement:
The rupee also weakened in the open market, losing 15 paisas for both buying and selling against the dollar, closing at Rs 283.09 and Rs 284.15, respectively.
Other Currency Movements in the Open Market:
- Euro: Lost 2 paisas (buying) and 3 paisas (selling), ending at Rs 320.07 and Rs 322.77
- UAE Dirham: Dropped 6 paisas (buying) and 5 paisas (selling), settling at Rs 77.15 and Rs 77.55
- Saudi Riyal: Lost 6 paisas (buying) and Rs 2.05 (selling), closing at Rs 75.46 and Rs 77.85
Open-Market Dollar Rates on Thursday:
- Bid: Rs 283.09
- Offer: Rs 284.15
