Rupee records gain against US dollar

The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Wednesday.

The local unit closed the day at 277.11, a gain of Re0.01 against the greenback.

On Tuesday, the Pakistani rupee settled at 277.12 against the dollar.

Internationally, the US dollar stood near this year’s high versus the euro on Wednesday and was poised for the largest monthly rise against it ​for 14 months, powered by US growth and rising US interest rates in contrast to the energy and debt ‌worries swirling in Europe.

Overnight, the euro dipped to its lowest since May 2025, at $1.1312, and traded nearby at $1.1339 in Asia. The euro is also testing support around 178 yen.

Through September the US dollar is up nearly 2.5% on the euro, and the rising greenback also pushed its Australian counterpart below 70 cents for the first time since ​early August.

The dollar also made a 16-1/2-month top on the Swiss franc overnight at 0.8358 francs. The franc has suffered, in part, because investors have ​gone looking for low-yielding alternatives to yen to sell in search of carry elsewhere.

The yen has fallen out of favour as a short against ​the US dollar following US-Japan yen buying in July and August, which has been followed by warnings not to test their resolve, as well as a pickup ‌in the ⁠pace of Japanese rate hikes.

The US dollar has fallen 1.5% on the yen in September.

The Fed’s preferred inflation yardstick, US core PCE, is due out later on Wednesday though the market is focused on Friday’s US jobs report which, if strong, could reinforce expectations that US interest rates are on the rise.

Oil prices, a key indicator of currency parity, rose on Wednesday and were on track for significant monthly gains on stalled US-Iran peace talks and tightening US fuel markets.

The Brent November futures contract , which expires on Wednesday, was up $1.12, or 1%, at $103.71 a barrel at 10:50 a.m. EDT. The more active December contract was up $2.65, or 2.8%, at $98.81. US West Texas Intermediate crude was ​up $1.98, or 2.2%, at $91.98.

Inter-bank market rates for dollar on Wednesday

BID Rs 277.11

OFFER Rs 277.31

Open-market movement

In the open market, the PKR lost 1 paisa for buying and gained 2 paise for selling against USD, closing at 278.06 and 279.13, respectively.

Against Euro, the PKR gained 41 paise for buying and 52 paise for selling, closing at 315.10 and 318.13, respectively.

Against UAE Dirham, the PKR gained 2 paise for buying and 3 paise for selling, closing at 75.68 and 76.25, respectively.

Against Saudi Riyal, the PKR gained 3 paise for buying and 4 paise for selling, closing at 73.99 and 74.48, respectively.

Open-market rates for dollar on Wednesday

BID Rs 278.06

OFFER Rs 279.13