Interbank closing: PKR loses four paisa against USD

KARACHI: The Pakistani rupee exhibited minimal change against the US dollar on Wednesday, depreciating slightly by 0.01 per cent in the inter-bank market.

At the close of trading, the currency was valued at 278.73 per dollar, marking a marginal decline of Re0.04 from the previous session.

On Tuesday, the rupee had ended the day at 278.69 per dollar, as reported by the State Bank of Pakistan (SBP).

PKR’s performance against major currencies is as follows:

On the global stage, the US dollar remained steady on Wednesday, while the Japanese yen retreated from a seven-month high. The yen fell by 1 per cent to 146.43 per dollar in early trading, moving away from its recent peak of 141.675.

Despite this, the yen has risen by 3 per cent in August and remains significantly higher than its 38-year low of 161.96 recorded at the start of July.

The US dollar index, which gauges the dollar’s performance against a basket of six major currencies, eased to 102.94 but is up from the seven-month low of 102.15 reached on Monday.

Traders have adjusted their forecasts for the Federal Reserve following a soft jobs report last week, with expectations now indicating nearly 105 basis points of easing by the end of the year.

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