Pakistan rupee records gain against US dollar
- Settles at 277.60 against greenback
The Pakistani rupee gained marginally against the US dollar, which weakened globally as Treasury yields eased. Meanwhile, oil prices reached a three-week high amidst currency market shifts.
- Pakistani rupee's marginal gain.
- US dollar's multi-month lows.
- Global currency market movements.
- Oil prices hitting a three-week high.
The Pakistani rupee extended its marginal gains against the US dollar on Wednesday.
The local unit closed the day at 277.60, a gain of Re0.01 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.61 against the dollar.
Furthermore, the US dollar drifted near multi-month lows against major peers on Wednesday as Treasury yields eased from recent highs, with investors awaiting minutes of the Federal Reserve’s latest policy meeting for clues on the path of interest rates.
The euro inched higher to $1.1577, remaining close to the two-month high touched earlier this week.
Sterling was little changed at $1.3533, holding near a three-month high ahead of British inflation data due later on Wednesday, which is widely expected to show persistent price pressure.
The Japanese yen was little changed at 159.56 per dollar, having given back much of its intervention gains, but it is still well off a multi-decade low of about 164.
The dollar index, which measures the US currency against six major peers, was down marginally at 99.65.
Meanwhile, oil prices trimmed gains but kept near a three-week high hit earlier on Wednesday on uncertainty over shipping through the Strait of Hormuz and other ongoing supply disruptions in the market.
Brent crude futures were up 18 cents, or 0.2%, at $91.20 by 1302 GMT, while US West Texas Intermediate crude futures were 16 cents, or 0.19% higher at $85.10 a barrel.
Inter-bank market rates for dollar on Wednesday
BID Rs 277.60
OFFER Rs 277.80
Open-market movement
In the open market, the PKR gained 8 paise for buying and 3 paise for selling against USD, closing at 278.38 and 279.38, respectively.
Against Euro, the PKR lost 19 paise for buying and 3 paise for selling, closing at 321.04 and 323.82, respectively.
Against UAE Dirham, the PKR gained 8 paise for buying and 5 paise for selling, closing at 75.61 and 76.30, respectively.
Against Saudi Riyal, the PKR gained 11 paise for buying and 9 paise for selling, closing at 73.88 and 74.51, respectively.
Open-market rates for dollar on Wednesday
BID Rs 278.38
OFFER Rs 279.38
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