RECORDER REPORT
KARACHI: The Pakistani rupee maintained its upward trajectory against the US dollar, appreciating 0.04% during trading in the inter-bank market on Wednesday.
At close, the currency settled at 282.95, a gain of Re0.10.
On Tuesday, the currency settled at 283.05.
Pakistan’s crackdown on black market dollar trading has strengthened the rupee, but traders say under-the-counter deals have swiftly shifted to smartphones and home deliveries instead.
Since the crackdown began, the rupee has rebounded from a sharp fall against the dollar earlier in July.
Internationally, the euro steadied near its lowest in a month on Wednesday, nursing steep losses this week as investors counted the cost of the US-EU trade pact and looked ahead to policy meetings from the Federal Reserve and the Bank of Japan.
US and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm.
No major breakthroughs were announced, and US officials said it was up to President Donald Trump to decide whether to extend a truce that expires on August 12.
The euro was 0.12% higher at $1.1558 in early trading after dropping for the first two days of the week and hitting a one-month low of $1.15185 on Tuesday.
The single currency has benefited this year from the dollar losing its lustre due to Trump’s erratic trade policies, prompting investors to look for alternatives.
The Japanese yen firmed a bit to 148.20 per dollar.
That left the dollar index, which measures the US currency against six others, at 98.815, hovering near a one-month high.
The index is set to record its first month of gains this year.
Oil prices, a key indicator of currency parity, fell nearly 1% on Wednesday as investors awaited developments on U.S. President Donald Trump’s tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil.
The most active Brent crude futures lost 68 cents, or 0.95%, to $71 a barrel by 1103 GMT while U.S. West Texas Intermediate crude slipped by 70 cents, or 1%, to $68.51.
The Brent crude September contract that expires on Wednesday was down 69 cents, or 0.95%, at $71.82.
Open-market movement
In the open market, the PKR gained 30 paise for buying and 50 paise for selling against USD, closing at 283.70 and 285.50, respectively.
Against Euro, the PKR gained 1.24 rupee for buying and 1.45 rupee for selling, closing at 327.68 and 329.82, respectively.
Against UAE Dirham, the PKR gained 6 paise for buying and 15 paise for selling, closing at 77.30 and 77.70, respectively.
Against Saudi Riyal, the PKR gained 4 paise for buying and 15 paise for selling, closing at 75.64 and 76.00, respectively.
========================
Open Bid Rs 283.70
Open Offer Rs 285.50
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
========================
Open Bid Rs 282.95
Open Offer Rs 283.15
========================
Copyright Business Recorder, 2025
