The Dollar Has Regained Strength Against The Rupee

(CTN News) – In Wednesday’s inter-bank market, the Pakistani rupee increased marginally versus the US dollar, appreciating 0.03%.

The local unit closed at 279.5, a gain of Re0.07 against the greenback, as reported by the State Bank of Pakistan (SBP).

As reported by the SBP on Tuesday, the rupee fell to settle at 279.57 against the US dollar.

On Tuesday, Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) reached an agreement on forming a coalition government at the center.

PML-N president Shehbaz Sharif and PPP chairman Bilawal Bhutto Zardari, along with other senior leaders of the two parties, reached an understanding in a meeting late Tuesday, which was attended by the co-chairman of the PPP, Asif Ali Zardari, as well as other senior leaders of the two parties.

A global decline in bond yields led to a broad decline in the value of the US dollar on Wednesday.

Early Asian trade saw the US dollar slip below 150 yen, last buying 149.93 yen, giving the Japanese currency some breathing space after being pinned near a three-month low for several days.

In line with its global peers, the US Treasury yields have fallen in tandem with the move lower in the dollar.

The US dollar index held steady at 104.05.

A key indicator of currency parity, oil prices regained some ground in Asian trade on Wednesday due to concerns regarding attacks on shipping in the Red Sea and growing expectations that US interest rate cuts will take longer than expected.

The Brent crude futures rose by 24 cents or 0.3% to $82.58 per barrel by 0721 GMT, while the West Texas Intermediate crude futures (WTI) rose by 21 cents or 0.3% to $77.25.

Movement towards open markets

A loss of 13.00 paisa was registered by buyers against USD, and a loss of 12.00 paisa was recorded by sellers, resulting in the PKR closing at 282.44 and 279.80, respectively, on the open market.

Against the euro, the PKR lost 1.06 rupees when it was bought, while it lost 1.02 rupees when it was sold, closing at 301.12 and 304.02, respectively.

In comparison with the UAE Dirham, the PKR gained 1.00 paisa for both buying and selling, closing at 76.13 and 76.88, respectively, against the UAE Dirham.

Against the Saudi Riyal, the PKR lost 1.00 paisa on both the buying and selling sides, closing at 74.35 and 75.04, respectively.

Wednesday’s dollar open-market rates

The bid amount is Rs 279.80

OFFER OF Rs 282.44

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