Pakistani rupee records gain against US dollar
- Settles at 277.45 against greenback
The Pakistani rupee recorded a marginal gain against the US dollar, closing at 277.45, while the dollar remained firm and oil prices surged due to renewed Middle East hostilities.
- Pakistani rupee's marginal gain against the dollar.
- Dollar's firmness amidst Middle East hostilities.
- Global oil price surge and inflation concerns.
The Pakistani rupee extended its marginal gains against the US dollar on Wednesday.
The local unit closed the day at 277.45 a gain of Re0.01 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.46 against the dollar.
Moreover, the dollar held firm as renewed hostilities in the Middle East pushed oil prices higher and revived inflation concerns.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was at 99.67.
Furthermore, oil prices fell on Wednesday, retreating from more than one-month highs reached earlier in the session, with traders weighing the risk of supply disruptions after overnight strikes by the US and Iran against signs that crude supplies continue to reach the market.
Brent crude futures fell 43 cents to $94.22 a barrel by 1304 GMT and US West Texas Intermediate crude futures were down 71 cents, or 0.79%, at $89.51.
Inter-bank market rates for dollar on Wednesday
BID Rs 277.45
OFFER Rs 277.65
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 278.33 and 279.18, respectively.
Against Euro, the PKR gained 52 paise for buying and 54 paise for selling, closing at 321.05 and 324.01, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 75.65 and 76.28, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 73.92 and 74.48, respectively.
Open-market rates for dollar on Wednesday
BID Rs 278.33
OFFER Rs 279.18
Comments