ISLAMABAD: The Pakistani rupee extended its marginal recovery against the US dollar on Wednesday, gaining one paisa in the interbank market to close at 276.86, compared with the previous session’s closing rate of 276.87.
The local currency has maintained a narrow trading range, with Wednesday’s movement reflecting a marginal improvement against the greenback. The dollar’s interbank buying rate stood at Rs276.86, while the selling rate was Rs277.06.
In the open market, the rupee remained unchanged against the US dollar on the buying side but gained two paisas on the selling side, closing at Rs277.52 and Rs278.61, respectively, according to the reported market rates.
Against the euro, the rupee lost one paisa on the buying side but gained 10 paisas on the selling side, with rates closing at Rs310.90 and Rs313.79, respectively.
The local currency gained two paisas against the UAE dirham on both the buying and selling sides, closing at Rs75.58 and Rs76.18, respectively. Against the Saudi riyal, the rupee remained unchanged, with buying and selling rates at Rs73.92 and Rs74.49, respectively.
In international markets, the US dollar remained under pressure on Wednesday after falling to a three-week low in the previous session. Lower US Treasury yields and movements in crude oil prices influenced the dollar’s performance against major currencies.
The US dollar index, which measures the greenback against a basket of six major currencies, remained steady at 101.78 after declining 0.2% on Tuesday.
The Australian dollar traded near a three-week high, rising 0.1% to $0.7013. The currency received attention after Reserve Bank of Australia Deputy Governor Andrew Hauser said the inflation outlook looked “materially worse”, leaving uncertainty over whether the central bank would need to raise interest rates further next month.
China’s yuan also traded within a narrow range after briefly reaching its strongest level in more than four years. The currency touched 6.6765 per dollar, its highest level since June 28, 2022, before easing to 6.6791.
Meanwhile, international oil prices rose sharply on Wednesday, with Brent crude futures gaining $2.06, or 1.9%, to $110.85 a barrel, while US West Texas Intermediate crude increased $2.13, or 2.2%, to $99.95.
The rise followed renewed concerns over US-Iran diplomatic prospects and reports of declining US crude and petroleum product inventories. Higher oil prices remain a key external consideration for Pakistan because the country relies heavily on imported energy, which contributes to demand for foreign exchange.
Despite the rupee’s marginal gain, the currency’s movement against the dollar remained limited, while fluctuations in international oil prices and broader dollar trends continued to shape the external market environment.
The supplied figures contain a discrepancy in the open-market dollar selling rate: the main text gives Rs278.61, while the final rate summary gives Rs278.63. I have retained Rs278.61 in the story based on the detailed open-market movement section. Please verify the correct figure before publication.