The Pakistani rupee gained modestly against the US dollar on Wednesday, even as the greenback extended its rally in global markets, pressuring most Asian currencies.
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At 10am, the rupee was trading at 281.47 in the inter-bank market, up Re0.25 or 0.09% from Tuesday’s close of 281.72.
Market analysts attributed the appreciation to stable inflows and controlled demand, noting that the local unit has held steady despite global volatility.
The dollar index rose 0.66% on Tuesday and edged higher in Asia on Wednesday as investors reacted to climbing bond yields and economic concerns in the US and Europe.
Long-dated European bond yields touched multi-year highs, sparking fresh worries over fiscal stability.
Regional currencies remained under pressure, but India’s rupee showed limited resilience.
The 1-month non-deliverable forward suggested it would open stronger at around 88.05 compared to 88.15 previously, helped by hopes of a US-India trade pact.
Oil prices, a vital factor for Pakistan’s external balance, traded steady. Brent crude slipped by just one cent to $69.13, while US WTI crude edged up four cents to $65.63.
The previous session had seen oil climb over 1% following new US sanctions on a network accused of smuggling Iranian oil.
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