The Pakistani Rupee recorded a marginal gain against the United States Dollar in the inter-bank market on Wednesday.
By the close of trading, the local currency settled at 279.35 against the greenback. On Tuesday, the rupee had ended the session at 279.36.
In global markets, the US dollar remained largely steady as traders adopted a cautious stance while waiting for further developments in the US–Israeli war with Iran. Uncertainty surrounding a possible resolution to the conflict kept investor sentiment fragile.
The Euro was trading at $1.16205 during early Asian trading hours, slightly stronger than the three-month low it reached on Monday. Meanwhile, the British Pound Sterling rose 0.12% to $1.34305.
The US Dollar Index, which measures the performance of the US currency against six major counterparts, stood at 98.876, easing slightly from the three-month high recorded earlier this week.
The risk-sensitive Australian Dollar hovered near the almost four-year high reached on Tuesday, trading at $0.713.
Oil prices rebounded on Wednesday as markets questioned whether a reported plan by the International Energy Agency to release a record amount of oil reserves could offset possible supply disruptions resulting from the ongoing conflict involving the United States, Israel, and Iran.
Brent Crude futures increased by $3.52, or 4%, to $91.32 per barrel by 0922 GMT. Meanwhile, West Texas Intermediate (WTI) crude rose $3.69, or 4.4%, to $87.14 per barrel.
Both benchmark contracts had earlier extended losses during Asian trading after dropping more than 11% on Tuesday, despite US crude prices jumping 5% at the market’s opening.
Inter-bank Market Rates (Wednesday)
- BID: Rs 279.35
- OFFER: Rs 279.55
Open Market Movement
In the open market, the rupee gained 2 paise for buying while remaining unchanged for selling against the US dollar, closing at 279.58 and 280.41, respectively.
Against the euro, the rupee appreciated by 47 paise for buying and 23 paise for selling, closing at 323.63 and 327.57.
Versus the UAE Dirham, the rupee gained 7 paise for buying and 1 paisa for selling, settling at 75.76 and 76.80.
Against the Saudi Riyal, the rupee strengthened by 7 paise for buying and 2 paise for selling, closing at 73.85 and 74.91.
Open Market Dollar Rates (Wednesday)
- BID: Rs 279.58
- OFFER: Rs 280.41
