Rupee registers gain against US dollar
The Pakistani rupee continued its marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday. The local unit closed the day at 276.77, a gain of Re0.03 against the greenback. On Tuesday , the rupee had closed at 276.80 against the dollar. Globally, the US dollar held at a two-week high on Wednesday ahead of policy decisions from central banks, with the Federal…
The Pakistani rupee strengthened slightly, inching up 0.01% in the inter-bank market on Wednesday. It closed at 276.77 against the US dollar, marking a gain of Re0.03 from Tuesday's closing rate of 276.80 per dollar. Globally, the US dollar reached a two-week peak ahead of potential central bank policy decisions, with the Federal Reserve expected to maintain its interest rate while hinting at a possible move in December.
Despite the Fed's announcement, most currencies remained relatively stable. The euro and British pound were unchanged against the dollar, while the yen saw a minor dip and the kiwi dollar experienced a significant drop. The Australian dollar showed a slight improvement after releasing inflation data, which was higher than expected.
US traders anticipate no changes in central bank policy, with markets pricing an 91% chance that the Federal Open Market Committee will maintain its interest rate. Oil prices surged over 1% due to renewed concerns about supply disruptions following an attack on a Saudi Arabian refinery by Houthi rebels.
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