The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 279.90, a gain of Re0.01 against the greenback.
On Tuesday, the local unit closed at 279.91.
Internationally, the US dollar languished near three-week lows against the euro and Swiss franc on Wednesday after White House threats over Greenland triggered a broad selloff in U.S. assets, from the currency to Wall Street stocks and Treasury bonds.
The yen was equally on the ropes following a surge in Japanese government bond yields to record highs as investors fretted about fiscal largesse with Prime Minister Sanae Takaichi looking to expand her mandate in snap elections next month.
Declines in the dollar accelerated sharply overnight with a 0.53% slide in the dollar index – which measures the currency against six major peers – marking its worst single-day performance in six weeks.
On Wednesday, it was flat at 98.541.
The greenback tumbled more than 1% against Europe’s shared currency at one point on Tuesday to reach the lowest since December 30 at $1.1770 per euro . It was last changing hands at $1.1720.
Oil prices, a key indicator of currency parity, rose on Wednesday as investors assessed a temporary shutdown at two large fields in Kazakhstan, expectations of a build in US crude inventories and fresh geopolitical tension tied to US tariff threats in its bid to gain control of Greenland.
Brent futures gained 11 cents, or 0.2%, to $65.03 a barrel at 1343 GMT. The US West Texas Intermediate crude contract rose 14 cents, also 0.2%, to $60.50 a barrel.
Inter-bank market rates for dollar on Wednesday
BID Rs 279.90
OFFER Rs 280.10
Open-market movement
In the open market, the PKR gained 5 paise for buying and 14 paise for selling against USD, closing at 280.37 and 281.18, respectively.
Against Euro, the PKR lost 61 paise for buying and 75 paise for selling, closing at 328.20 and 331.30, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 76.53 and 77.31, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 74.84 and 75.46, respectively.
Open-market rates for dollar on Wednesday
BID Rs 280.37
OFFER Rs 281.18
American Dollar Exchange Rate