KARACHI: The rupee rose slightly against the dollar in the interbank market on Wednesday.The rupee closed at 279.12 per dollar, up 0.01 per cent from its close of 279.15 in the previous session.
In the open market, the local unit ended at 280.23 against the dollar, unchanged from the previous close.Dealers said the local currency gained ground, supported by healthy remittances following the Eid season.
Furthermore, global sentiment improved meaningfully as geopolitical tensions showed early signs of easing.Chase Securities said in a note that Iran has signalled its willingness to end the war, seeking certain guarantees, while US President Donald Trump indicated that the conflict could conclude within the next two to three weeks. “Adding to the positive momentum, maritime activity resumed with multiple ships successfully crossing the Strait of Hormuz, easing concerns around supply disruptions,” the note said. “Consequently, oil prices cooled off from recent highs, providing relief to inflation and external account expectations, while Asian markets traded in the green on the back of these developments,” it added.
“The resumption of smoother oil flows and declining risk premiums are helping restore confidence, particularly in emerging markets like Pakistan that remain sensitive to external shocks and energy prices.”
