Pakistani currency, the rupee, records its 29th straight increase in value against the American dollar
In the world of currency trading, the euro surged to a four-year high against the US dollar in the prior session, marking a significant shift in the global financial landscape.
The US dollar, on the other hand, found itself on the defensive on Wednesday. The greenback was little changed at 146.52 yen, and the dollar index edged up 0.1% to 96.689.
In the open market, the Pakistani rupee gained 2 paise for buying and remained unchanged for selling against the US dollar, closing at 282.01 and 282.55, respectively. This marked the 29th consecutive gain for the rupee against the US dollar.
Against Euro, the Pakistani rupee lost ground, with the rupee appreciating marginally against the US dollar but depreciating against the euro. Against Euro, the Pakistani rupee lost 1.70 rupees for buying and 1.24 rupees for selling, closing at 334.05 and 337.01, respectively.
Meanwhile, the European single currency was down 0.1% at $1.1857 on Wednesday.
Oil prices eased on Wednesday due to an increase in US diesel stockpiles, putting a slight damper on the global energy market.
The Federal Reserve was expected to cut its benchmark interest rate by a quarter of a percentage point on Wednesday, a move aimed at boosting the US economy amidst signs of slowing growth.
In the Middle East, the US dollar was relatively stable against the UAE Dirham and Saudi Riyal. Against UAE Dirham, the Pakistani rupee gained 4 paise for buying and 12 paise for selling, closing at 77.19 and 77.95, respectively. Against Saudi Riyal, the Pakistani rupee gained 6 paise for buying and 8 paise for selling, closing at 75.25 and 75.89, respectively.
These currency movements reflect the ongoing dynamics of the global economy, with various factors influencing the value of currencies on a daily basis. As always, the market will continue to be a dynamic and fascinating space to watch.
Read also:
- International powers, including France, Germany, and the UK, advocate for the reinstatement of sanctions against Iran.
- Companies urged to combat employee resignation crisis, as per findings from the Addeco Group
- Republicans advocate Trump's domestic policy plans in Iowa, though some business owners remain skeptic
- Procedure for Granting the Contract Has Been Instigated by the Commission
