Pakistani rupee records improvement against US dollar
- Settles at 277.82 against greenback
The Pakistani Rupee gained marginally against the US Dollar, closing at 277.82, while the USD strengthened globally amid Middle East tensions and anticipation of a Fed rate decision.
- Pakistani Rupee's marginal gain against the US Dollar.
- US Dollar strength amid Middle East tensions and Fed decision.
- Global currency movements and rising oil prices.
- Inter-bank and open-market exchange rates for PKR.
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Wednesday.
The local unit closed the day at 277.82, a gain of Re0.03 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.85 against the dollar.
Moreover, the US dollar held near a one-month high on Wednesday as hostilities flared anew in the Middle East, while traders awaited a key Federal Reserve interest rate decision later in the day.
The Australian dollar slid after inflation data came in below expectations, reducing the chance of further rate hikes from the Reserve Bank of Australia. It was 0.37% lower at $0.69475.
The euro was nursing losses after falling to a one-month low in the previous session, inching up 0.03% to $1.1389.
Sterling eased 0.03% to $1.3287, languishing near its weakest level since July 1.
The New Zealand dollar declined 0.08% to $0.5783.
Oil prices jumped nearly 7% on Wednesday as major airstrikes resumed in the Middle East and dashed hopes for an imminent end to the U.S.-Israeli war with Iran, while industry data showed U.S. crude inventories fell.
Brent futures were up $5.70, or 6.8%, at $89.79 a barrel by 1335 GMT. US West Texas Intermediate (WTI) crude gained $4.94, or 6.2%, to $84.20 a barrel.
Inter-bank market rates for dollar on Wednesday
BID Rs 277.82
OFFER Rs 278.02
Open-market movement
In the open market, the PKR lost 5 paise for buying and 1 paisa for selling against USD, closing at 278.92 and 279.88, respectively.
Against Euro, the PKR lost 96 paise for buying and 36 paise for selling, closing at 319.52 and 322.38, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 2 paise for selling, closing at 76.38 and 76.98, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 74.71 and 75.27, respectively.
Open-market rates for dollar on Wednesday
BID Rs 278.92
OFFER Rs 279.88
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