RECORDER REPORT
KARACHI: The Pakistani rupee maintained its upward trend against the US dollar, with marginal appreciation of Re0.01 in the inter-bank market on Wednesday.
At close, the rupee settled at 281.95 against the greenback. This was rupee’s ninth consecutive gain against the dollar.
On Tuesday, the local unit had closed the session at 281.96.
Internationally, the US dollar gained for a third straight session on Wednesday as traders awaited the Federal Reserve’s annual Jackson Hole symposium this week for clues on the path of monetary policy.
The New Zealand dollar tumbled after the Reserve Bank said its board also considered a half-point cut in deciding to reduce the cash rate by a quarter point.
The kiwi slumped as much as 0.9 percent to $0.5841, its lowest since April 14.
The US dollar index, which measures the currency against six major counterparts, added 0.1 percent to 98.438, its highest since August 12. In the first two days of this week, it gained about 0.4 percent.
Friday’s speech by Fed Chair Jerome Powell is the market’s main focus, as traders watch for any pushback against the market pricing of a rate reduction next month.
Traders now place odds of 84% on such a cut, and expect about 54 basis points of reduction by year-end.
Oil prices, a key indicator of currency parity, rose on Wednesday as the American Petroleum Institute reported a drop in US crude inventories and investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now.
Crude fell more than 1% on Tuesday on optimism that an agreement to end the war seemed closer. However, U.S. President Donald Trump conceded that Russian President Vladimir Putin might not want to make a deal.
Brent crude futures rose 71 cents, or 1.1 percent, to $66.50 a barrel by 1207 GMT. US West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, gained 84 cents, or 1.4 percent, to $63.19.
Open-market movement
In the open market, the PKR gained 4 paise for buying and 10 paise for selling against USD, closing at 283.73 and 284.30, respectively.
Against Euro, the PKR gained 1.21 rupee for both buying and selling, closing at 329.09 and 330.77, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 77.20 and 77.40, respectively.
Against Saudi Riyal, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 75.48 and 75.70, respectively.
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Open Bid Rs 283.73
Open Offer Rs 284.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
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Open Bid Rs 281.95
Open Offer Rs 282.15
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RUPEE IN LAHORE: The Pakistani rupee resisted both against the US dollar and the British pound and maintained its position.
According to local market sources, the Pakistani rupee closed at Rs 283.80 and Rs 284.30 against the US dollar compared to the previous closing of Rs 283.90 and Rs 284.40, respectively.
However, regarding the British pound, the Pakistani rupee closed at Rs 382.50 and Rs 383.80 against the previous closing of Rs 382.45 and Rs 384.95, respectively.
Copyright Business Recorder, 2025
