Daily Update: The Rupee records small gains against the US Dollar

The Pakistani rupee posted marginal gains against the US dollar in the interbank market, trading up 0.06% in the opening hours of Wednesday’s trading session.

As of 10:30 a.m. during intraday trading, the rupee was trading at 226.80, up by Rs 0.14.

On Tuesday, the rupiah lost 0.51 or 0.22 percent against the US dollar to settle at 226.94 for the tenth consecutive session.

In a significant development, Pakistan’s trade deficit in the first half of the current fiscal year (July-December) decreased by 32.65% to $17.133 billion from $25.438 billion in the same period l last year, according to the latest data released by Pakistan. . Bureau of Statistics (PBS).

The shrinking trade deficit is a positive for the cash-strapped economy, as its foreign exchange reserves dwindle and the country struggles to secure financing from international and multilateral lenders.

Globally, the euro was flat on Wednesday and risky currencies rose as China’s easing of COVID restrictions supported growth and investors focused on US data and the Federal Reserve.

The U.S. dollar index rose 1% to 104.73 on Tuesday, largely due to the weaker euro, and edged down to 104.47 on Wednesday. The pound was hovering at 1.1986 and the kiwi was up 0.3% at $0.6263.

Oil prices, a key currency peg indicator, fell slightly on Wednesday after falling in the previous session, overshadowed by weak demand due to global economic conditions.



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