Rupee registers gain against US dollar – Markets

Rupee’s Performance Against US Dollar Since 04 March 2025

The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Wednesday.

At close, the local currency settled at 279.26, up by Re0.01 against the greenback.

On Tuesday, the local unit closed at 279.27.

Globally, the US dollar took a breather on Wednesday as easing crude oil prices sparked a glimmer of risk appetite in the markets ahead of a slate of key central bank decisions.

The dollar index, which measures the greenback against a basket of currencies, edged up 0.06% to 99.61 after a two-day decline. The euro was down 0.05% at $1.1532.

The yen weakened 0.01% against the greenback to 159.00 per dollar. Sterling held steady at $1.3355.

The dollar reached a 10-month high at the end of last week as the Middle East conflict and rising oil prices prompted investors to seek safety in U.S. assets.

Moreover, oil prices fell more than $2 per barrel on Wednesday to pare some of Tuesday’s sharp gains after the Iraqi government and Kurdish authorities reached a deal to resume oil exports via Turkiye’s Ceyhan port, providing modest relief to concerns about supplies from the Middle East.

But with no signs of a de-escalation of the Iran conflict, which has left oil exports from the Middle East largely halted, Brent futures prices have settled above $100 per barrel for the prior four consecutive sessions.

After rising more than 3% on Tuesday, Brent futures retreated $2.26, or 2.19%, to $101.16 a barrel by 0429 GMT on Wednesday. U.S. West Texas Intermediate crude dropped $2.99, or 3.11%, to $93.22.