Islamabad, Dec 27: The Pakistani rupee (PKR) gained 0.04% against the US dollar in the inter-bank market on Tuesday, closing at 278.47, up by Re0.10 from the previous day’s rate of 278.57, as reported by the State Bank of Pakistan (SBP).
Open Market Performance
In the open market, the PKR showed mixed performance:
- Against the USD, it lost 3 paise for buying, closing at 277.82, and gained 8 paise for selling, settling at 279.51.
- Against the Euro, it gained 95 paise for buying and 1.37 rupees for selling, closing at 287.79 and 289.68, respectively.
- Marginal losses were recorded against the UAE Dirham and Saudi Riyal for buying, while selling rates remained unchanged.
Global Market Influences
Internationally, the US dollar remains strong amid expectations of prolonged higher interest rates in the US. The greenback was near a two-year peak of 108.54, reflecting cautious investor sentiment.
Oil Prices and Currency Parity
Oil prices edged higher, with Brent crude at $73.10 and WTI at $69.70 per barrel. Analysts expect minimal fluctuations due to low trading volumes during the holiday season, maintaining a stable outlook for global oil balances.
The PKR’s performance reflects broader market trends, with minimal volatility expected as the year-end approaches.
