Rupee records gain against US dollar
The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Wednesday. The local unit closed the day at 276.70, a gain of Re0.01 against the greenback. On Tuesday , the rupee had closed at 276.71 against the dollar. Globally, the US dollar fell against most major currencies on Wednesday ahead of results from US midterm elections, with investors bracing for a…
The Pakistani rupee continued its slight gain against the US dollar on Wednesday, closing at 276.70 on the inter-bank market. This represents an increase of Re0.01 compared to Tuesday's closing rate of 276.71. Globally, the US dollar experienced a decline against most major currencies as investors awaited the results of the US midterm elections.
Democratic Senator Jon Ossoff secured a re-election victory in Georgia, signaling a possible Democratic triumph in the race. However, the broader outcome of Democrats potentially gaining control of Congress from Donald Trump's Republican party remained uncertain. The euro strengthened to $1.1212, while the yen rose to 158.30 per US dollar.
The dollar index, which tracks the greenback's value against a basket of six currencies, dipped by 0.2% to 101.7. Meanwhile, the yield on the benchmark US 10-year Treasury note decreased by 4 basis points to 4.919%. Oil prices, a critical factor in determining currency parity, also climbed on Wednesday due to anticipation of the US's response in the ongoing US-Israeli conflict with Iran. Brent crude futures rose by 76 cents, or 0.7%, to $104.36 a barrel, reversing earlier losses.
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- Rupee records gain against US dollar brecorder.com
