Rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday.

At close, the local currency settled at 278.72, a gain of Rs0.03 against the greenback.

On Tuesday, the local unit closed at 278.75.

Moreover, the US dollar fell against most major currencies on Wednesday.

The Japanese yen strengthened sharply to a more than two-month high as markets braced for another intervention.

The euro stood at $1.1740 and sterling traded at $1.3594, both up roughly 0.4% so far on the day.

The Australian dollar fetched a four-year high of $0.7250, and the New Zealand dollar was up more than 1% at $0.5951, highest in nearly two months.

The dollar index fell nearly 0.3% to 98.026.

Oil prices extended declines on Wednesday, slumping to two-week lows after a Pakistani source said the United States and Iran were nearing an initial peace deal.

Brent crude futures fell $10.07, or 9.2%, to $99.80 a barrel by 1042 GMT, dropping below $100 for the first time since April 22. U.S. West Texas Intermediate lost $10.79, or 10.6%, to $91.48.

Both benchmarks were on track for their biggest daily declines in absolute terms in a month and hit their lowest in two weeks, having shed about 4% in the previous session.

Inter-bank market rates for dollar on Wednesday

BID Rs 278.72

OFFER Rs 278.92

Open-market movement

In the open market, the PKR lost 2 paise for buying and gained 4 paise for selling against USD, closing at 279.20 and 279.98, respectively.

Against Euro, the PKR lost 1.57 rupee for buying and 1.14 rupee for selling, closing at 327.30 and 330.22, respectively.

Against UAE Dirham, the PKR gained 13 paise for buying and 15 paise for selling, closing at 75.87 and 76.70, respectively.

Against Saudi Riyal, the PKR lost 16 paise for buying and 14 paise for selling, closing at 74.45 and 75.20, respectively.

Open-market rates for dollar on Wednesday

BID Rs 279.20

OFFER Rs 279.98