Rupee unchanged against US dollar

The Pakistani rupee remained unchanged against the US dollar in the inter-bank market on Wednesday.

At close, the local unit settled at 278.30, against the greenback, as per the State Bank of Pakistan (SBP).

On Tuesday, the rupee had closed at 278.30, up by Re0.06.

In recent weeks, the domestic currency has largely been around 277-278 against the dollar as Pakistan moves forward with its plan to win a longer and longer International Monetary Fund (IMF) bailout programme.

Globally, the US dollar steadied on Wednesday as traders pared back on riskier bets in emerging markets while waiting on an interest rate decision in Canada and on US services data.

The Swiss franc and yen were also beneficiaries of the sentiment, with the yen receiving an extra boost after Bloomberg News reported the Bank of Japan was likely to mull cuts to bond buying at its policy meeting next week.

The yen eased 0.2% to 155.27 in early trade in the Asia session, and hovered at 168.74 to the euro after making 1% jump on the common currency overnight – its largest such rise since Japan intervened in FX markets a month ago.

Oil prices, a key indicator of currency parity, hovered near four-month lows on Wednesday on an expected supply boost later in the year when OPEC+ begins to unwind some output cuts, with markets also digesting US jobs data and higher oil stocks. Brent crude futures were up 26 cents, or 0.3%, at $77.78 a barrel by 0825 GMT.

US West Texas Intermediate crude futures rose 24 cents, or 0.3%, to $73.49.

Both contracts fell more than 1% on Tuesday to their lowest settlement levels since early February, having declined by about $3 a barrel on Monday.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 278.30

OFFER                      Rs 278.50

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 277.18 and 279.59, respectively.

Against Euro, the PKR gained 66 paise for buying and 69 paise for selling, closing at 299.87 and 302.81, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.26 and 75.98, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and lost 2 paise for selling, closing at 73.51 and 74.22, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 277.18

OFFER                      Rs 279.59