KARACHI: The Pakistani rupee showed little recovery against the US dollar in the interbank market, according to the State Bank of Pakistan (SBP), as the local currency settled at 283.89, an increase of Re0.01.
The slight gain followed a recovery on Tuesday, during which the rupee settled at 283.9 in the interbank market. Experts believe that the rise in remittances from workers and a decrease in import payments have reduced demand for US dollars.
Meanwhile, globally, the US dollar experienced some fluctuation as investors evaluated various economic indicators, Federal Reserve commentary, and corporate earnings to gain insight into the direction of interest rates.
The dollar index rose 0.11% to 101.83 in Asian trading on Wednesday, reversing the last day’s 0.36% drop. Oil prices declined as the market evaluated the possibility of interest rate hikes from the US Federal Reserve, which could slow economic growth and dampen oil consumption, offsetting the effects of falling US inventories and strong Chinese economic data.
