Rupee records gain against US dollar
The Pakistani Rupee extended marginal gains against the US Dollar, closing at 277.66, while global currency markets awaited inflation data and oil prices fell.
The Pakistani rupee extended its marginal gains against the US dollar on Wednesday.
The local unit closed the day at 277.66, a gain of Re0.01 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.67 against the dollar.
Meanwhile, the dollar traded sideways in early Asian dealings on Wednesday, shrugging off renewed attacks on shipping in critical waterways in the Middle East, as currency markets awaited the release of inflation data later in the global day.
The yen was flat against the dollar at 159.335 yen, hovering around its weakest levels of the month despite the recent joint intervention by US and Japanese authorities to strengthen the Japanese currency, while the euro held steady at $1.1537.
The British pound was also unchanged at $1.3503. The Australian dollar was flat at $0.7064.
The kiwi dollar was down 0.1% at $0.5876 after New Zealand Prime Minister Christopher Luxon said on Wednesday he had won a confidence vote of ruling party lawmakers, following speculation about his leadership months from a general election.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.1% at 99.858.
Oil prices fell in volatile trading on Wednesday, having earlier traded $1 higher, after forecasters cut projections for 2026 global oil demand, while attacks on ships in the Middle East continued as talks to end the Iran war hit an impasse.
Brent futures were down 49 cents, or 0.55%, at $88.42 a barrel by 1315 GMT. US West Texas Intermediate (WTI) crude fell 25 cents, or 0.3%, to $82.95.
Inter-bank market rates for dollar on Wednesday
In the open market, the PKR lost 5 paise for buying and 1 paisa for selling against USD, closing at 278.58 and 279.62, respectively.
Against Euro, the PKR gained 4 paise for buying and 3 paise for selling, closing at 320.58 and 323.69, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and gained 1 paisa for selling, closing at 75.81 and 76.47, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and gained 2 paise for selling, closing at 74.13 and 74.69, respectively.
Open-market rates for dollar on Wednesday