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The Pakistani rupee was back to winning ways against the US dollar, gaining 0.06% in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee settled at 281.72 after an increase of Re0.17.

On Tuesday, the rupee had registered a marginal fall to settle at 281.89 against the US dollar.

In a key development, the Federal Board of Revenue (FBR) is all set to block mobile SIM cards and mobile phones of non-filers during the current month.

It is learnt that the FBR is ready to enforce strict measures against non-filers. In the first phase, the mobile SIM cards and mobile phones of non-filers will be blocked. In this regard, the FBR will issue the Income Tax General order by January 15.

The FBR is also devising a strategy to disconnect electricity and gas connections of non-filers. Till now, the FBR lacks complete data on the electricity connections of non-filers.

Internationally, the US dollar rose broadly on Wednesday and stood near a two-week high against its major peers, underpinned by a confluence of factors including elevated US Treasury yields and a cautious turn in risk sentiment that weighed on Wall Street.

Trading was thinned in Asia with Japan out on a holiday, and with investors still returning from an extended New Year break, currencies traded mostly sideways in early deals.

The US currency was broadly firm, enjoying some respite after having fallen 2% last month and clocking its first yearly loss since 2020.

Oil prices, a key indicator of currency parity, were little changed in Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea.

Brent crude fell 1 cent, or 0.01%, to $75.88 a barrel by 0733 GMT, while US West Texas Intermediate crude futures slipped 8 cents, or 0.11%, to $70.3 a barrel.

Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday. A wider conflict could close crucial waterways for oil transportation and disrupt trade flows.

Inter-bank market rates for dollar on Wednesday

BID                           Rs 281.72

OFFER                      Rs 281.92

Open-market movement

In the open market, the PKR gained 10.00 paisa for buying and 11.00 paisa for selling against USD, closing at 279.94 and 282.42, respectively.

Against Euro, the PKR gained 1.42 rupee for buying and 1.46 rupee for selling, closing at 305.82 and 308.70, respectively.

Against UAE Dirham, the PKR lost 11.00 paisa for buying and 9.00 paisa for selling, closing at 76.26 and 76.95, respectively.

Against Saudi Riyal, the PKR lost 6.00 paisa for buying and remained unchanged for selling, closing at 74.48 and 75.12, respectively.

Open-market rates for dollar on Wednesday

BID                           Rs 279.94

OFFER                      Rs 282.42

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Farhan Jan 03, 2024 10:42pm
Farhan
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