Rupee registers gain against US dollar

The Pakistani rupee gained against the US dollar in the inter-bank market on Wednesday.

At close, the local currency settled at 278.36, a gain of Re0.01 against the greenback.

On Tuesday, the local unit closed at 278.37.

Meanwhile, the dollar held ​steady against major peers on Wednesday after the United States launched strikes against Iran, while investors awaited key US ‌inflation data for clues on the Federal Reserve’s policy path.

The dollar index, which measures the ​greenback against a basket of currencies including the yen and the euro, edged up 0.01% to 100.02

The euro was down 0.05% at $1.1537 while ​sterling lost 0.04% to $1.337.

Additionally, Oil prices rose on Wednesday after US President Donald Trump scolded Iran in a Truth Social post following tit-for-tat strikes between the US and Iran overnight.

Brent futures were up $1.32, or 1.44%, at $92.77 a barrel by 1220 GMT, while US West Texas Intermediate crude was up $1.57, or 1.78%, at $89.77 a barrel.

Inter-bank market rates for dollar on Wednesday

BID Rs 278.36

OFFER Rs 278.56

Open-market movement

In the open market, the PKR lost 9 paise for buying and 8 paise for selling against USD, closing at 278.61 and 279.49, respectively.

Against Euro, the PKR lost 32 paise for buying and 5 paise for selling, closing at 321.37 and 324.58, respectively.

Against UAE Dirham, the PKR lost 8 paise for buying and 3 paise for selling, closing at 75.77 and 76.44, respectively.

Against Saudi Riyal, the PKR lost 7 paise for buying and 6 paise for selling, closing at 74.07 and 74.68, respectively.

Open-market rates for dollar on Wednesday

BID Rs 278.61

OFFER Rs 279.49