ISLAMABAD: The Pakistani rupee remained stable against the US dollar in the inter-bank market on Wednesday, closing at 278.30, the same rate as the previous day, according to the State Bank of Pakistan (SBP). On Tuesday, the rupee had slightly increased by Re0.06 to settle at 278.30.
In recent weeks, the rupee has hovered around 277-278 against the dollar, as Pakistan progresses with its efforts to secure a longer International Monetary Fund (IMF) bailout program.
Globally, the US dollar steadied as traders adopted a cautious approach toward emerging markets, awaiting key interest rate decisions in Canada and US services data. The Swiss franc and yen also benefited from the sentiment, with the yen gaining an additional boost from reports that the Bank of Japan might reduce bond buying at its upcoming policy meeting.
Oil prices, which influence currency parity, hovered near four-month lows. Brent crude futures were up 26 cents to $77.78 a barrel, and US West Texas Intermediate crude futures rose 24 cents to $73.49 a barrel. Both contracts had declined by more than 1% on Tuesday.
Inter-bank Market Rates for Dollar on Wednesday:
- BID: Rs 278.30
- OFFER: Rs 278.50
Open-market Movement:
In the open market, the rupee remained unchanged against the USD, closing at 277.18 for buying and 279.59 for selling.
Against the euro, the rupee gained 66 paise for buying and 69 paise for selling, closing at 299.87 and 302.81, respectively. It remained unchanged against the UAE dirham at 75.26 for buying and 75.98 for selling. Against the Saudi riyal, the rupee remained steady for buying at 73.51 but lost 2 paise for selling, closing at 74.22.
Open-market Rates for Dollar on Wednesday:
- BID: Rs 277.18
- OFFER: Rs 279.59
