Intra-day update: Rupee Maintains Stability Against US Dollar

The Pakistani rupee stayed mostly unchanged against the US dollar on Wednesday, rising 0.01% in intraday trading.

At 11:10 a.m., the rupee was trading at 283, up Re0.04 in the interbank market.

The rupee lost ground against the US dollar for the third consecutive session on Tuesday, falling 1.34% to 283.04 in the interbank market.

In a significant move, the International Monetary Fund (IMF) emphasized the need for a market-determined currency rate.

The lender noted that Pakistan's reliance on administrative methods to limit imports since May 2022, as well as the closely controlled currency rate since September 2022, has harmed growth and increased external pressures by discouraging inflows, particularly remittances.

Against a basket of currencies, the US dollar rebounded from a 15-month low hit in the previous session, with its index steadying at 99.943 in early Asia trade.

Oil prices fell on Wednesday, after opening higher at the start of Asian trade, as markets weighed US demand fears against China's vow to assist economic development, tighter Russian supply, and dropping US stocks.