Rupee's Performance Against US Dollar Since 04 March 2025
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 278.96, a gain of 0.01, against the greenback.
On Tuesday, the local unit closed at 278.97.
Moreover, the US dollar lingered near six-week lows on Wednesday, surrendering nearly all the gains it had made since the Middle East war erupted.
The euro bought $1.1793, hovering near its highest since March 2.
Sterling was at $1.3574.
The dollar index, which measures the US currency against six units, was at 98.109, near its lowest in over six weeks.
Meanwhile, oil prices fell for a second day on Wednesday on expectations peace talks between the US and Iran may resume.
Brent crude futures were down 16 cents, or 0.2%, to $94.63 a barrel at 0635 GMT, after falling 4.6% in the previous session.
US West Texas Intermediate crude was down 70 cents, or 0.8%, to $90.58.
The contract dropped 7.9% the session before. The war has mostly shut the Strait of Hormuz, a key waterway for crude and refined product flows out of the Gulf to global buyers, particularly in Asia and Europe.
Oil prices were little changed on Wednesday after US President Donald Trump said the war with Iran could end soon, telling the world to watch out for an “amazing two days”, while U.S. forces imposing a blockade turned back vessels leaving Iranian ports.
Brent futures rose 31 cents, or 0.3%, to $95.10 a barrel at 10:44 a.m. EDT (1444 GMT), while U.S. West Texas Intermediate crude rose 63 cents, or 0.7%, to $91.91.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.96
OFFER Rs 279.16
Open-market movement
In the open market, the PKR lost 3 paise for buying and 2 paise for selling against USD, closing at 279.43 and 280.28, respectively.
Against Euro, the PKR lost 1 paisa for buying and 4 paise for selling, closing at 328.40 and 331.67, respectively.
Against UAE Dirham, the PKR gained 11 paise for buying and 7 paise for selling, closing at 76.03 and 76.94, respectively.
Against Saudi Riyal, the PKR gained 12 paise for buying and 10 paise for selling, closing at 74.27 and 75.08, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.43
OFFER Rs 280.28
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