Pakistani rupee registers gain against US dollar
- Settles at 277.91
The Pakistani rupee strengthened against the US dollar, closing at 277.89, amidst broader global currency shifts influenced by rising oil prices and geopolitical tensions.
- Pakistani rupee's continued gains against the US dollar.
- Global currency market movements, including the yen's four-decade low.
- Influence of rising oil prices and Middle East geopolitical tensions.
The Pakistani rupee extended its gains against the US dollar on Wednesday.
The local unit closed the day at 277.91, a gain of Re0.01 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.92 against the dollar.
Meanwhile, the yen was pinned near an almost four-decade low on Wednesday as rising oil prices and U.S. Treasury yields hoisted the dollar and left traders on edge about possible Japanese intervention.
The dollar gained broadly overnight, briefly pushing the euro just below $1.14, and it was holding its ground as US forces began an 11th straight night of strikes on Iran.
The euro was last at $1.1401, while the Australian dollar clung to the 70 cent level and the New Zealand dollar sat on support just above its 200-day moving average of $0.5825.
Sterling is also testing support, and fell through its 200-day moving average to $1.3385 with traders weighing how new UK finance minister John Healey plans to fund spending.
Moreover, oil prices inched higher in early trading on Wednesday.
Brent crude futures rose 0.55%, or 50 cents, to $91.51 after markets opened on Wednesday, while U.S. West Texas Intermediate crude climbed 0.36%, or 30 cents, to $84.64 in low volume trading.
Comments