RECORDER REPORT
KARACHI: The Pakistani rupee weakened against the US dollar, depreciating 0.10% in the inter-bank market on Wednesday.
At close, the currency settled at 284.96, a loss of Re0.29.
On Tuesday, the currency settled at 284.67.
Internationally, the US dollar rose alongside Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest US inflation report showed signs that President Donald Trump’s tariffs were beginning to feed into prices.
Rising prices on goods as varied as coffee, audio equipment and home furnishing pulled the inflation rate higher in June, with substantial increases in prices of the heavily imported items.
That pushed the dollar and bond yields higher as investors pared back expectations of Federal Reserve interest rate cuts this year.
The jump in the dollar was most apparent against the yen, as it knocked the Japanese currency to a four-month low of 149.03 overnight. The dollar last traded at 148.90 yen.
The euro and sterling similarly languished near three-week lows hit in the previous session, and last bought $1.1608 and $1.3394, respectively.
Traders are now pricing in roughly 43 basis points worth of Fed easing by December, down from just above 50 bps at the start of the week.
US Treasury yields stayed elevated on Wednesday, with the benchmark 10-year yield scaling a one-month top of 4.4950%.
That kept the US dollar supported against a basket of currencies, as it hovered near a one-month high at 98.60.
Oil prices, a key indicator of currency parity, fell by about 1% on Wednesday, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from U.S. tariffs.
Prices have seesawed in a tight range, as signs of steady demand from an increase in travel during the Northern Hemisphere summer have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption.
Brent crude futures fell 63 cents, or 0.9%, to $68.08 a barrel by 1150 GMT. U.S. West Texas Intermediate crude futures were down 69 cents, or 1%, to $65.83.
Open-market movement
In the open market, the PKR lost 47 paise for buying and 49 paise for selling against USD, closing at 287.26 and 288.49, respectively.
Against Euro, the PKR gained 93 paise for buying and 46 paise for selling, closing at 334.68 and 337.82, respectively.
Against UAE Dirham, the PKR lost 8 paise for both buying and selling, closing at 78.44 and 79.14, respectively.
Against Saudi Riyal, the PKR lost 23 paise for buying and 27 paise for selling, closing at 76.71 and 77.30, respectively.
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Open Bid Rs 287.26
Open Offer Rs 288.49
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
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Open Bid Rs 284.96
Open Offer Rs 285.16
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RUPEE IN LAHORE: The Pak rupee remained under pressure against the US dollar while holding ground against the British pound.
According to local market sources, the Pak rupee closed at Rs 288.50 and Rs 288.50 against the US dollar compared to the previous closing of Rs 287.50 and Rs 288.00, respectively.
However, regarding the British pound, the Pak rupee witnessed a closing at Rs 385.00 and Rs 390.00 against the previous closing of Rs 385.50 and Rs 390.00 respectively.
Copyright Business Recorder, 2025
