The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Wednesday.

At close, the local currency settled at 278.20, a gain of Re0.01 against the greenback.

On Tuesday, the local unit closed at 278.21.

The US dollar extended gains to reach a fresh 13-month high against a basket of major ​currencies on Wednesday.

Markets are pricing in a 37% chance of a 25-basis-point hike at the July meeting, up ​from 8.5% a week ago, and 70% for September up from 29.1%, according to CME ⁠FedWatch.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, ​climbed to a high of 101.44, the strongest level since May 13, 2025.

“The US dollar is still the preferred safe-haven,” ​said Ray Attrill, head of FX strategy at National Australia Bank.

Oil prices fell more than 1% on Wednesday, extending this week’s losses and trading near four-month lows.

Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT.

US West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel.