The Pakistani rupee stayed modestly unchanged against the US dollar on Wednesday, rising 0.03% during the first hours of trading in the interbank market.
At 11:30 a.m., the rupee was trading at 307, up Re0.10 on the interbank market.
The rupee fell against the US dollar for the second day in a row on Tuesday, reaching a new low of 307.10, a 0.48% devaluation in the interbank market.
On Tuesday, World Bank Country Director Najy Benhassine met with Caretaker Federal Minister for Finance, Revenue, Economic Affairs, and Privatisation Dr Shamshad Akhtar in the Finance Division.
Read More: https://www.economy.pk/rupee-surges-against-us-dollar-in-open-market-on-positive-sentiment/
During the meeting, Akhtar emphasised the caretaker government’s commitment to upholding its obligations under the International Monetary Fund (IMF) programme and completing all ongoing development projects on time.
Internationally, the US dollar hovered near a six-month high on Wednesday as concerns about China and the global economy weighed on risk sentiment, prompting Japan’s top currency ambassador to issue his toughest warning since mid-August.
On Tuesday, economic data from China and Europe fueled concerns about slowing global growth, prompting investors to flock to the dollar.
The dollar advanced 0.067% against a basket of currencies to 104.80, not far from the six-month high of 104.90 reached yesterday.
Oil prices, a major measure of currency parity, increased slightly in early Asian trade on Wednesday after increasing more than 1% the previous session, as markets were concerned about a supply shortage after Saudi Arabia and Russia extended voluntary supply cutbacks until the end of the year.
