RECORDER REPORT
KARACHI: The Pakistani rupee saw marginal improvement against the US dollar, appreciating 0.01 percent in the inter-bank market on Wednesday.
At close, the local currency settled at 280.37, a gain of Re0.03 against the greenback.
On Tuesday, the local unit closed at 280.40.
Globally, the yen looked punch-drunk on Wednesday after a sudden spill overnight, pressured by wide interest rate differentials between Japan and the rest of the world even as its central bank is widely expected to tighten policy next week.
The US dollar was broadly steady, and moves in other currencies were muted ahead of a key Federal Reserve policy decision later in the day, where investors are wagering on a cut in what is likely to be one of the most fractious meetings in years.
The yen was little changed at 156.82 per dollar, after a 0.6 percent fall towards the 157 level in the previous session despite no obvious trigger.
Against the euro, the Japanese currency similarly sank to a record low overnight and remained pinned near that level on Wednesday. The Aussie held to Tuesday’s 0.8 percent gain against the yen.
In the broader market, all eyes were on the Fed’s decision later in the day, which is expected to be a 25-basis-point rate cut and is almost fully priced in.
Ahead of the outcome, the euro was little changed at USD1.1625, while sterling ticked 0.03 percent higher to USD1.3301.
The dollar index, which measures the US currency against six key rivals, was firm at 99.23.
Oil prices, a key indicator of currency parity, steadied on Wednesday after declines of about 1% in the previous session, as investors watched for progress in Russia-Ukraine peace talks and awaited a decision on US interest rates.
Brent crude was up 2 cents at $61.96 a barrel by 1400 GMT while US West Texas Intermediate crude gained 3 cents to $58.28.
Open-market movement
In the open market, the PKR lost 3 paise for buying and gained 5 paise for selling against USD, closing at 280.91 and 281.40, respectively.
Against Euro, the PKR gained 45 paise for buying and 31 paise for selling, closing at 326.09 and 329.04, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and remained unchanged for selling, closing at 76.51 and 77.29, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 5 paise for selling, closing at 74.80 and 75.43, respectively.
========================
Open Bid Rs 280.91
Open Offer Rs 281.40
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
========================
Open Bid Rs 280.37
Open Offer Rs 280.57
========================
RUPEE IN LAHORE: The Pakistani rupee continued showing a steady trend for the third consecutive session against the US dollar while it slightly improved versus the British pound, in the local currency market on Wednesday.
Currency dealers said there was no change in the trading pattern when the market opened, and the local currency fared well against the greenback in early and intraday sessions. However, later the trend changed and the rupee turned mixed to finally close with a firm note, the dealers added. At close, dealers quoted the buying rate of the rupee as Rs 281.00, unchanged from the previous day’s level, while selling as Rs 281.40, slightly down from yesterday’s value of Rs 281.45.
The rupee’s buying rate was slightly up against the British unit, closing at Rs 373.00 compared with preceding session’s Rs 373.60 while selling rate was unchanged at Rs 376.50.
Copyright Business Recorder, 2025
