RECORDER REPORT
KARACHI: The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday.
At close, the currency settled at 278.85 for a loss of Re0.03 against the greenback.
According to the State Bank of Pakistan (SBP), the rupee closed at 278.82 on Tuesday.
Internationally, the US dollar drifted slightly lower on Wednesday in indecisive trading as a lack of clarity on President Donald Trump’s plans for tariffs kept financial markets guessing.
Trump said late Tuesday at the White House that his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada would face levies of around 25%.
He also vowed duties on European imports without providing further details.
Despite those threats, a lack of specific plans from Trump’s first day in office saw the US dollar start the week with a 1.2% slide against a basket of major peers.
It stabilized on Tuesday, ending flat after an attempted rebound fizzled, with US officials saying any new taxes would be imposed in a measured way.
The US dollar index, which tracks the currency against the euro, yen and four other top rivals, was down 0.14% at 108 as of 0054 GMT.
Oil prices, a key indicator of currency parity, dipped on Wednesday extending the previous session’s declines as markets weighed US President Donald Trump’s declaration of a national energy emergency on his first day in office and eyed his tariff policies.
Brent crude futures fell 36 cents, or 0.5%, to $78.93 per barrel at 0730 GMT.
US West Texas Intermediate crude futures dropped 46 cents, or 0.6%, at $75.37.
The contracts settled lower on Tuesday after Trump laid out a sweeping plan to maximise oil and gas production, including declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the US from the Paris climate pact.
Open-market movement
In the open market, the PKR gained 1 paise for buying and lost 2 paise for selling against USD, closing at 279.32 and 281.26, respectively.
Against Euro, the PKR lost 88 paise for buying and 1.32 rupee for selling, closing at 289.83 and 293.34, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.98 and 76.55, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 74.25 and 74.80, respectively.
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Open Bid Rs 279.32
Open Offer Rs 281.26
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
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Open Bid Rs 278.85
Open Offer Rs 279.05
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RUPEE IN LAHORE: The Pak rupee remained unchanged against the US dollar while losing against the British pound.
According to local market sources, the Pak rupee closed at Rs 279.50 and Rs 281.30 against the US dollar against the previous closing of Rs 279.50 and Rs 281.30, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 344.50 and Rs 347.90 against the previous closing of Rs 342.00 and Rs 345.40, respectively.
Copyright Business Recorder, 2025
