Rupee saw marginal decline against US dollar

The Pakistani rupee lowered against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday.

At close, the rupee settled at 279.47, a loss of Re0.10 against the greenback.

The rupee had closed at 279.37 on Tuesday.

Internationally, the US dollar held firm on Wednesday on the back of tariff concerns and tense Russia-Ukraine negotiations, while the New Zealand dollar slid after the central bank delivered a super-sized interest rate cut.

The Reserve Bank of New Zealand reduced its benchmark rate by 50 basis points to 3.75% on Wednesday as widely expected.

The central bank has now cut rates by 175 basis points since August as the central bank races to boost a sluggish economy and curb rising unemployment.

The kiwi was last down 0.3% at $0.5687 following the decision and bank commentary that suggested more cuts were likely.

In the broader market, investors sized up the latest note in US President Donald Trump’s tariff crescendo and uncertainty after initial Russia-Ukraine peace talks finished without Kyiv or Europe at the table.

The US dollar index, which measures the greenback against a basket of rivals, rose 0.04% to 107.04.

Oil prices, a key indicator of currency parity, edged up on Wednesday amid worries of oil supply disruptions in the US and Russia, as markets awaited clarity on the Ukraine peace talks.

Brent crude futures were up 41 cents, or 0.5%, at $76.25 a barrel at 0720 GMT, and possibly set for a third day of gains.

US West Texas Intermediate crude futures for March rose 44 cents, or 0.6%, to $72.29, up 2.2% from the close on Friday after not settling on Monday because of the Presidents’ Day public holiday.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 279.47

OFFER                      Rs 279.67

Open-market movement

In the open market, the PKR remained unchanged for buying and lost 4 paise for selling against USD, closing at 278.74 and 281.12, respectively.

Against Euro, the PKR gained 27 paise for buying and 21 paise for selling, closing at 290.69 and 293.67, respectively.

Against UAE Dirham, the PKR lost 5 paise for buying and remained unchanged for selling, closing at 76.00 and 76.58, respectively.

Against Saudi Riyal, the PKR lost 6 paise for buying and remained unchanged for selling, closing at 74.28 and 74.83, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 278.74

OFFER                      Rs 281.12