The Pakistani rupee registered a marginal improvement against the US dollar, appreciating 0.03% in the inter-bank market on Wednesday.
At close, the currency settled at 278.54, a gain of Re0.08 against the US dollar.
On Tuesday, the rupee had settled at 278.62, according to the State Bank of Pakistan (SBP).
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some positive indicators and approval from the International Monetary Fund’s (IMF) Executive Board over a new $7-billion Extended Fund Facility (EFF).
Internationally, the safe-haven yen hit its highest since the start of the year against the US dollar on Wednesday as US presidential contenders Kamala Harris and Donald Trump kicked off their first debate, with candidates neck-and-neck ahead of the November poll.
Traders were also waiting nervously for a key inflation report that could provide clues on how aggressively US rates would be cut next week.
The dollar dropped as much as 0.68% to 141.50 yen, a level not seen since Jan. 2, before last trading at 141.83 yen as of 0149 GMT.
The dollar-yen pair tends to track long-term Treasury yields, which extended an overnight slump in Asian time to reach 3.635% for the first time since June of last year.
The dollar index – which measures the currency against those three rivals and three other major peers – slipped 0.15% to 101.49 after rising to a one-week top at 101.77 on Tuesday.
In a very heated debate, Democratic Vice President Harris attacked Trump’s intention to impose high tariffs on foreign goods – a proposal she has likened to a sales tax on the middle class – while touting her plan to offer tax benefits to families and small businesses.
Oil prices, a key indicator of currency parity, climbed more than 1% on Wednesday, paring some of the previous day’s losses, as a drop in US crude inventories and concern about Hurricane Francine disrupting US output countered concerns about weak global demand.
US crude stocks fell by 2.793 million barrels, gasoline declined by 513,000 barrels and distillates inventories rose by 191,000 barrels, according to market sources citing the latest week’s American Petroleum Institute figures on Tuesday.
Brent crude futures were up $1.10, or 1.6%, to $70.29 a barrel at 0807 GMT, while US crude futures gained $1.11, or 1.7%, to $66.86.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.54
OFFER Rs 278.74
Open-market movement
In the open market, the PKR gained 1 paisa for buying and 10 paise for selling against USD, closing at 279.46 and 280.85, respectively.
Against Euro, the PKR gained 3 paise for buying and 4 paise for selling, closing at 306.32 and 309.30, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 6 paise for selling, closing at 75.70 and 76.44, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 74.00 and 74.71, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.46
OFFER Rs 280.85
The Pakistani rupee registered a marginal improvement against the US dollar, appreciating 0.03% in the inter-bank market on Wednesday.
At close, the currency settled at 278.54, a gain of Re0.08 against the US dollar.
On Tuesday, the rupee had settled at 278.62, according to the State Bank of Pakistan (SBP).
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some positive indicators and approval from the International Monetary Fund’s (IMF) Executive Board over a new $7-billion Extended Fund Facility (EFF).
Internationally, the safe-haven yen hit its highest since the start of the year against the US dollar on Wednesday as US presidential contenders Kamala Harris and Donald Trump kicked off their first debate, with candidates neck-and-neck ahead of the November poll.
Traders were also waiting nervously for a key inflation report that could provide clues on how aggressively US rates would be cut next week.
The dollar dropped as much as 0.68% to 141.50 yen, a level not seen since Jan. 2, before last trading at 141.83 yen as of 0149 GMT.
The dollar-yen pair tends to track long-term Treasury yields, which extended an overnight slump in Asian time to reach 3.635% for the first time since June of last year.
The dollar index – which measures the currency against those three rivals and three other major peers – slipped 0.15% to 101.49 after rising to a one-week top at 101.77 on Tuesday.
In a very heated debate, Democratic Vice President Harris attacked Trump’s intention to impose high tariffs on foreign goods – a proposal she has likened to a sales tax on the middle class – while touting her plan to offer tax benefits to families and small businesses.
Oil prices, a key indicator of currency parity, climbed more than 1% on Wednesday, paring some of the previous day’s losses, as a drop in US crude inventories and concern about Hurricane Francine disrupting US output countered concerns about weak global demand.
US crude stocks fell by 2.793 million barrels, gasoline declined by 513,000 barrels and distillates inventories rose by 191,000 barrels, according to market sources citing the latest week’s American Petroleum Institute figures on Tuesday.
Brent crude futures were up $1.10, or 1.6%, to $70.29 a barrel at 0807 GMT, while US crude futures gained $1.11, or 1.7%, to $66.86.
Inter-bank market rates for dollar on Wednesday
BID Rs 278.54
OFFER Rs 278.74
Open-market movement
In the open market, the PKR gained 1 paisa for buying and 10 paise for selling against USD, closing at 279.46 and 280.85, respectively.
Against Euro, the PKR gained 3 paise for buying and 4 paise for selling, closing at 306.32 and 309.30, respectively.
Against UAE Dirham, the PKR gained 5 paise for buying and 6 paise for selling, closing at 75.70 and 76.44, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 74.00 and 74.71, respectively.
Open-market rates for dollar on Wednesday
BID Rs 279.46
OFFER Rs 280.85
American Dollar Exchange Rate