Rupee records gain against US dollar

The Pakistani rupee continued its small uptick against the US dollar on Wednesday, closing at 277.66 per dollar, marking a gain of Re0.01 from the previous session's 277.67. Currency markets remained cautious as they awaited inflation data release later that day. Meanwhile, the US dollar showed little movement, trading flat in early Asian sessions, undeterred by renewed concerns over shipping safety in Middle East waterways.

The Japanese yen, despite recent joint efforts by US and Japanese authorities, remained steady at 159.335 yen. The euro and British pound also held their values at $1.1537 and $1.3503, respectively. The Australian and New Zealand dollars showed minor declines, standing at $0.7064 and down 0.1% at $0.5876, respectively, amid speculation about potential leadership changes.

The US dollar index, measuring the dollar's strength against a basket of six currencies, saw a slight increase to 99.858. Meanwhile, oil prices rose, with Brent futures up 75 cents to $89.66 per barrel and WTI crude climbing 72 cents to $83.92.