RECORDER REPORT
KARACHI: The Pakistani rupee extended its marginal gains against the US dollar, appreciating 0.01percent in the interbank market on Wednesday.
The local unit closed the day at 277.02, a gain of Re0.03 against the greenback.
On Tuesday, the Pakistani rupee settled at 277.05 against the dollar.
Internationally, the US dollar edged higher on Wednesday, buoyed by rising oil prices, while investors awaited Federal Reserve meeting minutes and remarks from policymakers for signals on a potential rate hike.
The euro gave back some of its gains in the prior session when French bonds rallied after the frontrunner in next spring's presidential election outlined plans to cut spending. The yen weakened even after a dovish Bank of Japan board member said she would support interest rate increases.
Later on Wednesday, the US central bank is due to release minutes of its September policy meeting, when it raised interest rates for the first time since 2023, to contend with inflation.
Comments from Fed policymakers have come across as less hawkish following lower-than-expected personal consumption expenditure data and jobs figures last week.
The dollar index, which measures the US dollar against a basket of currencies, rose 0.3percent to 102.13, recovering from a 0.27percent slide on Tuesday. The euro fell 0.4percent to USD1.1216.
The Japanese yen weakened 0.13percent to 158.31 per dollar, and sterling lost 0.21percent to USD1.3248.
Expectations for a Fed rate hike later this month have retreated but markets still anticipate more increases later in the year and next year.
The chance of a hike of at least 25 basis points in October stands at 21.6percent, from about 51percent a week ago, according to CME FedWatch, opens new tab, but markets are pricing in a 68.6percent chance of a hike at the December meeting.
Oil prices, a key indicator of currency parity, rose on Wednesday, with Brent futures holding above USD100 a barrel, on continued Middle East supply risks and a storm heading for oil-producing regions in the United States.
Brent crude futures were up 75 cents, or 0.75percent, to USD101.33 a barrel at 1200 GMT. US West Texas Intermediate (WTI) crude was up 39 cents, or 0.44percent, to USD89.83.
Open-market movement
In the open market, the PKR gained 3.00 paisa for buying and 7.00 paisa for selling against USD, closing at 277.61 and 278.81, respectively.
Against Euro, the PKR gained 49.00 paisa for buying and 32.00 paisa for selling, closing at 310.34 and 313.53, respectively.
Against UAE Dirham, the PKR gained 1.00 paisa for buying and lost 1.00 paisa for selling, closing at 75.59 and 76.20, respectively.
Against Saudi Riyal, the PKR lost 1.00 paisa for buying and gained 1.00 paisa for selling, closing at 73.91 and 74.43, respectively.
========================
Open Bid Rs 277.61
Open Offer Rs 278.81
========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
========================
Open Bid Rs 277.02
Open Offer Rs 277.22
========================
RUPEE IN LAHORE: The Pakistani rupee remained steady against the US dollar while slightly improving versus the British pound in the local currency market on Wednesday.
According to currency dealers, the rupee maintained previous day’s trend showing firmness in the opening session while later during intraday trading it gained against the US dollar. Dealers said they witnessed a positive movement in the local currency but last minutes pressure changed the situation.
At the close of the market, the rupee’s buying and selling rates against the US dollar finished at Rs 277.50 and Rs 279.50, respectively, unchanged from the previous day.
Meanwhile in comparison to the British unit, the rupee’s buying rate changed to Rs 365.50 from Rs 367.20 while selling to Rs 369.00 from 377.00.
Copyright Business Recorder, 2026
