Pakistani rupee inches up against US dollar

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

At close, the local currency settled at 278.00, a gain of Re0.01 against the greenback.

On Tuesday, the rupee closed at 278.01 against the dollar.

The dollar extended its weakness on Wednesday after tumbling from ​a two-week high.

Against the yen, the dollar fetched 162.08, down 0.1%.

The euro and the British pound each gained 0.1%, trading at $1.1433 and $1.3401, respectively.

Oil extended gains as the US said it had begun a new wave of strikes against Iranian military ‌installations on Wednesday, aiming to limit Tehran’s ability to strike commercial shipping in the Strait of Hormuz.

Washington had earlier reimposed a naval blockade of Iranian ports and launched overnight strikes, prompting Iran’s Islamic Revolutionary Guard Corps to threaten to close “all other export corridors that benefit the U.S. and its allies”.

Brent ​futures gained 18 cents, or 0.2%, to $84.91 a barrel at 1214 GMT. West Texas Intermediate futures rose 26 cents, ​or 0.3%, to $79.60 a barrel.

Inter-bank market rates for dollar on Wednesday

BID Rs 278.00

OFFER Rs 278.20

Open-market movement

In the open market, the PKR lost 3 paise for buying and remained unchanged for selling against USD, closing at 278.90 and 279.68, respectively.

Against Euro, the PKR lost 83 paise for buying and 75 paise for selling, closing at 319.48 and 322.47, respectively.

Against UAE Dirham, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 76.17 and 76.76, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 74.55 and 75.05, respectively.

Open-market rates for dollar on Wednesday

BID Rs 278.90

OFFER Rs 279.68