Rupee registers gain against US dollar

The Pakistani rupee continued its marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday.

The local unit closed the day at 276.77, a gain of Re0.03 against the greenback.

On Tuesday, the rupee had closed at 276.80 against the dollar.

Globally, the US dollar held at a two-week high on Wednesday ahead of policy decisions from central ​banks, with the Federal Reserve widely expected to leave its policy interest rate ‌unchanged while signalling the probability of any December move.

Most of the dollar’s peers were unmoved ahead of the Fed decision.

The euro was flat at $1.1129, as was the British pound at $1.3307.

Against the ​yen, the dollar oscillated between gain and loss and was last 0.1% weaker ​at 157.81 yen.

The kiwi dollar sank as much as 1.7% to $0.5585 after the ⁠Reserve Bank of New Zealand unexpectedly held interest rates at 2.75%.

The Australian dollar was 0.1% stronger at $0.7035 after the release of inflation data, ​which was 1.3% in the third quarter of the year, after 0.6% the previous ​quarter.

The trimmed mean measure of core inflation was 1%, matching market estimates and keeping the annualised ‌rate ⁠at an above-target 3.6%.

In the US, traders broadly expect no change in central ​bank policy.

Fed funds ​futures are pricing ⁠an implied 91% probability that the Federal Open Market Committee will keep its policy interest rate on hold, the CME Group’s FedWatch tool ​showed.

Oil prices, a key indicator of currency parity, climbed about 2% on ‌Wednesday as continued fighting in Yemen and an attack on a refinery in Saudi Arabia renewed concerns about additional supply disruptions from the Middle East.

Brent futures rose $1.81, or 1.6%, to $115.69 per barrel at 10:42am EDT (1442 GMT), while US West Texas Intermediate crude rose $2.52, or 2.5%, to $102.42.