KARACHI: The Pakistani rupee closed flat against the dollar in both currency markets on Thursday.The rupee ended at 279.41 per dollar, mostly unchanged from its close at 279.42 in the previous session.
In the open market, the rupee closed at 280.45 against the dollar, maintaining the same level as that on Wednesday.Analysts stated that the local currency has sustained its stability. However, concerns about rising global oil prices and ongoing geopolitical tensions have negatively impacted investor sentiment.
“Concerns about higher oil prices translating into increased domestic fuel costs and a potential inflationary wave are weighing on sentiment,” said Chase Securities in a note.“However, global policymakers, particularly in the US and other major economies, are taking steps to keep oil markets stable, including providing insurance support to shipping carriers and enhancing security measures to ensure uninterrupted supply chains,” it added.According to reports, Saudi authorities have assured Pakistan of secure energy supplies from the Port of Yanbu on the Red Sea to help meet its energy needs.
