THE RUPEE PKR: marginal decline
At close, the local currency settled at 283.64, a loss of Re0.09 against the greenback.
On Wednesday, the local unit closed at 283.55.
Internationally, the US dollar firmed on Thursday, buoyed by safe-haven demand due to the looming threat of a broader conflict in the Middle East and possible US involvement, while investors weighed Federal Reserve Chair Jerome Powell's cautionary tone on inflation.
After a muted start in Asia hours, the US dollar advanced across the board, weighing heavily on risk sensitive currencies after a report said US officials are preparing for the possibility of a strike on Iran in the coming days.
The Australian dollar fell as much as 0.5% but was last down 0.3% at $0.6489, while the New Zealand dollar slipped 0.5% to $0.5998. Emerging market currencies also struggled, with the South Korean won 1% weaker.
Rapidly rising geopolitical tensions have led to the dollar swiftly reclaiming its safe-haven status, making inroads against the yen, euro and the Swiss franc.
Iran and Israel traded further air attacks on Thursday, with the conflict entering its seventh day. Concerns over potential U.S. involvement have also grown, as President Donald Trump kept the world guessing about whether the United States will join Israel's bombardment of Iranian nuclear sites.
The conflict has heightened fears of broader regional instability, compounded by the spillover effects of the Gaza war.
Oil prices, a key indicator of currency parity, rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and US. President Donald Trump's stance on the conflict kept investors on edge.
Brent crude futures rose $1.60, or 2.1%, to $78.29 a barrel by 1030 ET. U.S. West Texas Intermediate crude for Julywas up $1.64, or 2.1%, at $78.34. Brent had surged to its highest in nearly five months at $78.50 on June 13, when Israel began its attacks.
Open-market movement
In the open market, the PKR lost 27 paise for buying and 11 paise for selling against USD, closing at 284.13 and 285.69, respectively.
Against Euro, the PKR gained 64 paise for buying and 88 paise for selling, closing at 324.57 and 327.45, respectively.
Against UAE Dirham, the PKR lost 15 paise for buying and 10 paise for selling, closing at 77.28 and 78.02, respectively.
Against Saudi Riyal, the PKR lost 15 paise for buying and 9 paise for selling, closing at 75.55 and 76.25, respectively.
======================== Open Bid Rs 284.13 Open Offer Rs 285.69 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday
======================== Open Bid Rs 283.64 Open Offer Rs 283.84 ========================
RUPEE IN LAHORE: The Pak rupee stayed stable against the US while gaining impressively against the British pound.
According to local market sources, the Pak rupee closed at Rs 285.25 and Rs 285.70 against the US dollar compared to the previous closing of Rs 284.50 and Rs 285.50, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 379.75 and Rs 383.10 against the previous closing of Rs 382.50 and Rs 387.60 respectively.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Prices of perishables surge for 5th week
A surge in prices of perishable commodities in the province has persisted for the fifth consecutive week, coupled with widespread overcharging that has pushed everyday vegetables out of reach for the average consumer. Hardly any vegetable is available below Rs200 per kilogramme, highlighting the severity of the price crisis. Rampant violations of official rate lists continue, showing that a newly formed price control department has failed to make any meaningful impact. This week, the price of live chicken rose by Rs15 per kg to Rs389-403, but sellers charged Rs450-480. Chicken meat was fixed at Rs584 per kg, but sold at Rs 620-670, while boneless chicken fetched Rs1,100-1,100. Potato soft skin A-grade was fixed at Rs80-85 but sold for Rs 140-150; B-grade was set at Rs65-70 and C-grade at Rs55-60, with mixed varieties selling for Rs120-130. Sugar-free A-grade potatoes were fixed at Rs55-60, B-grade at Rs45-50, and C-grade at Rs35-40, though mixed were sold at Rs100-120. Onions remained unchanged officially at Rs45-50 per kg for A-grade, but were sold at Rs80-100. B-grade sold for Rs35-40 and C-grade for Rs26-30, while mixed went for Rs60-70. Tomatoes saw another increase of Rs5 per kg, officially set at Rs86-95 but sold at Rs150-160. B-grade was fixed at Rs75-80 and C-grade at Rs70-75, while mixed quality tomatoes went for Rs120-130. Only one variety of apple was fixed at Rs150-225 but sold at Rs200-350. A-category bananas rose Rs5 per dozen to Rs 92-215 but were sold at Rs 250-300. B-category bananas were fixed at Rs 34-150, sold at Rs200-230, while C-category was fixed at Rs90-100 but sold at Rs150-180. Dates increased by Rs10 to Rs460-490 but sold between Rs900 and Rs2,000. Papaya dropped Rs55 to Rs305-320 but wasn't available in the market. Cantaloupe declined by Rs20 to Rs134-140 but sold at Rs150-200. Peach fell by Rs35, fixed at Rs180-275 but sold at Rs250-400. Mangoes of various types were fixed at Rs150-260 but sold at Rs200-400. Cherry boxes remained at Rs380-400 but weren't available.
Express Tribune
3 hours ago
- Express Tribune
Global mobility crisis
Listen to article Henley & Partners has released its annual Henley Passport Index, placing Pakistan at 96th out of 99 positions — fourth from the bottom for the fourth consecutive year. The ranking is based on the number of visa-free and visa on arrival (VOA) countries that passport holders have access to, along with their ability to obtain an Electronic Travel Authority (ETA) which is a digital travel permit used as a pre-screening method for visa-exempt foreign nationals. While the strongest passport in the world, Singapore's, grants visa-free access to 193 countries, the Pakistani passport offers merely 32 visa-free locations. A 'weak' passport hinders citizens in many ways beyond increasing travel and visa costs. It creates barriers for entrepreneurs looking to expand their businesses internationally, forcing them to face long waiting times and visa rejections. Moreover, in the past, several domestic e-sports and gaming teams have even been disqualified from international tournaments due to visa-rejections and delayed embassy responses. In an increasingly global world, the degree of mobility that people in a country have largely determines their ability to advance and connect with the global economy. Without those connections, there is limited exposure, limited opportunity and limited competition on an international scale. Consistently ranking amongst the bottom five contenders for four years now should force the Pakistani government to divert its attention away from empty diplomatic posturing and instead direct it towards structural reforms that strengthen people's global integration. Especially when its bottom-ranking neighbours include Somalia, Yemen, Iraq, Syria and Afghanistan — some of the most war-torn countries devastated by active conflict and occupation. While strengthening a passport's ranking is no easy feat, it should at least be an objective that the Pakistani government actively pursues to ease its citizens' lives and improve its own standing on the global stage.
Express Tribune
3 hours ago
- Express Tribune
Trump's belligerence drives a major shift in Indo-Pacific
The author writes on geopolitical issues and regional conflicts. He can be reached at Listen to article Donald Trump's implacable belligerence has tutored traditional American allies to quickly adjust to new geopolitical realities or truckle to his ceaseless demands. An increased sense of urgency across Europe and the Indo-Pacific implies that they have decided to take up the gauntlet of diversifying their partnerships. In a rare show of displeasure at the US president's stubborn arrogance, Australian Prime Minister Anthony Albanese during his China visit sought to stabilise relations and manage differences to "contribute" to regional peace and prosperity, holding a "constructive" meeting with Chinese President Xi Jinping to underscore Beijing's importance for "our economy, our security and the stability of our region". Beijing is Canberra's largest trading partner with almost a third of Australia's exports destined for China and bilateral trade hitting 312 billion Australian dollars in 2024. The two economies are highly complementary, meaning China has a huge demand for Australian goods and services. This symbiotic bond, unlike the Australia-US parasitistic trade ties, provides a sound footing to tap the opportunity and strengthen the extensive relationship. China's investments contribute to infrastructure development, productivity and job creation in Australia; and its development, opening-up and rising middle class unleash new vistas for Australian exporters. As members of Asia-Pacific Economic Forum and Regional Comprehensive Economic Partnership, both countries also have shared interests in safeguarding regional stability and prosperity. In the face of rising protectionism and unprecedented volatility in global trade due to Trump's unilateral tariffs, a stable and strengthened Australia-China relationship would ensure the Australian economy to withstand and navigate strenuous trials and continue to make a positive impact on domestic workers, employers and industries. The strengthening of the Beijing-Canberra ties has ushered in a wave of optimism among Australian businesses with 75% of foreign firms in a poll by the Australia-China Chamber of Commerce reporting profitability in 2024. Their enthusiasm — because 70% rate China as one of their top three destinations for investment over the next three years — reinforces Beijing's appeal as a hub of innovation and industrial transformation. Canberra's intent to "do more business with China" was reflected in its Trade Minister Don Farrell's interview in which he refused to budge to US pressure, emphasising that Chinese trade was nearly 10 times more valuable to Canberra. "We'll make decisions... to engage with China based on our national interests and not on what the Americans may or may not want." Nonetheless, disparity between Albanese's and the country's defence department's approaches risks derailing Australia's newfound charm offensive against China. For instance, Canberra has been accusing Beijing of spearheading the largest and most ambitious military buildup since the Second World War. Its Defense Minister, Richard Marles, recently echoed such an assertion. Yet this assessment has long been contested by none other than Australia's own analysts and former diplomats who believe the Chinese strategy is essentially inward looking, focusing internal stability and external security. Even leading Western investigations reveal that the US, by far, outspends China in defence spending and that Beijing's military development and the record of use of force are relatively restrained. Conversely, Trump's return is spurring new challenges for the Albanese government. After the Biden administration wanted to get Canberra "off the fence" by locking it for the next 40 years through AUKUS, Trump's AUKUS-skeptic undersecretary of defense Elbridge Colby is leveraging the trilateral partnership to hard-press Australia into making pre-commitments if a US-China war breaks out on Taiwan. The Trump administration is also pressurising Australia to increase defence spending to 3.5% of the GDP. Canberra has hitherto resisted the US pressure for it would cost Australia tens of billions of dollars. For an economy that will remain in a structural deficit through 2034-35, a defence splurge would indeed imperil Albanese's social policy agenda. Trade with China has helped Australia put the cost of living on a downward trajectory. Studies show that this trade relationship has increased disposable income of Australian households by an average of 2,600 Australian dollars, supporting around 600,000 jobs. While US maintains 10% baseline tariff on Australian goods, 25% on automobiles and 50% on steel and aluminum, Beijing thanks to the China-Australia Free Trade Agreement applies an average of just 1.1%, urging Canberra to rethink before jumping on Washington's bandwagon vis-à-vis Beijing. No wonder China is seen as a more reliable trade partner than the US by Australians with a sizeable majority of them (71%) agreeing that the country's relationship with Beijing is important. This comes as Trump has upended the long-held assumption that America could be a dependable ally, stoking a belief in many Aussies whether it could even act responsibly. Establishing diplomatic relations, Beijing and Canberra in 1972 agreed to develop the relationship on the basis of the principles of mutual respect for sovereignty, mutual non-aggression, non-interference in internal affairs, equality, mutual benefit and peaceful coexistence. These fundamental tenets laid the foundation of a robust Beijing-Canberra relationship as people across the two countries lived together peacefully through decades. Should Australia chuck out its schizophrenic ambivalence, both nations can still pioneer the way for a resilient strategic partnership and a secure and thriving Indo-Pacific.
