Pakistani rupee records improvement against the US dollar
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
- Settles at 277.82 against the greenback
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Wednesday.
The local unit closed the day at 277.82, a gain of Re0.03 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.85 against the dollar.
Moreover, the US dollar held near a one-month high on Wednesday as hostilities flared anew in the Middle East, while traders awaited a key Federal Reserve interest rate decision later in the day.
The Australian dollar slid after inflation data came in below expectations, reducing the chance of further rate hikes from the Reserve Bank of Australia. It was 0.37% lower at $0.69475.
The euro was nursing losses after falling to a one-month low in the previous session, inching up 0.03% to $1.1389.
Sterling eased 0.03% to $1.3287, languishing near its weakest level since July 1.
The New Zealand dollar declined 0.08% to $0.5783.
Oil prices jumped nearly 7% on Wednesday as major airstrikes resumed in the Middle East and dashed hopes for an imminent end to the U.S.-Israeli war with Iran, while industry data showed U.S. crude inventories fell.
Brent futures were up $5.70, or 6.8%, at $89.79 a barrel by 1335 GMT. US West Texas Intermediate (WTI) crude gained $4.94, or 6.2%, to $84.20 a barrel.
Inter-bank market rates for the dollar on Wednesday
BID Rs 277.82
OFFER Rs 278.02
Open-market movement
In the open market, the PKR lost 5 paisa for buying and 1 paisa for selling against USD, closing at 278.92 and 279.88, respectively.
Against the Euro, the PKR lost 96 paise for buying and 36 paise for selling, closing at 319.52 and 322.38, respectively.
Against the UAE Dirham, the PKR lost 3 paise for buying and 2 paise for selling, closing at 76.38 and 76.98, respectively.
Against the Saudi Riyal, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 74.71 and 75.27, respectively.
Open-market rates for the dollar on Wednesday
BID Rs 278.92
OFFER Rs 279.88
Reference Link:- https://www.brecorder.com/news/40432354
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
