The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Wednesday.

At close, the local currency settled at 278.20, a gain of Re0.01 against the greenback.

On Tuesday, the local unit closed at 278.21.

The US dollar extended gains to reach a fresh 13-month high against a basket of major ​currencies on Wednesday.

Markets are pricing in a 37% chance of a 25-basis-point hike at the July meeting, up ​from 8.5% a week ago, and 70% for September up from 29.1%, according to CME ⁠FedWatch.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, ​climbed to a high of 101.44, the strongest level since May 13, 2025.

“The US dollar is still the preferred safe-haven,” ​said Ray Attrill, head of FX strategy at National Australia Bank.

Benchmark oil prices fell more than $3 on Wednesday to ​their lowest level since before the start of the Iran war as supply concerns eased with more stranded oil tankers exiting the Strait ‌of Hormuz.

US crude futures, meanwhile, slipped below $70 a barrel, the lowest level since March 2.

Inter-bank market rates for dollar on Wednesday

BID Rs 278.20

OFFER Rs 278.40

Open-market movement

In the open market, the PKR lost 4 paise for buying and remained unchanged for selling against USD, closing at 278.67 and 279.46, respectively.

Against Euro, the PKR gained 1.74 rupee for buying and 1.46 rupee for selling, closing at 316.78 and 320.87, respectively.

Against UAE Dirham, the PKR gained 3 paise for buying and 1 paisa for selling, closing at 75.89 and 76.54, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 2 paise for selling, closing at 74.25 and 74.85, respectively.

Open-market rates for dollar on Wednesday

BID Rs 278.67

OFFER Rs 279.46