KARACHI: The Pakistani rupee ended a little changed against the US dollar in the interbank market on Wednesday.
The rupee closed at 278 per dollar, nearly unchanged compared to its close of 278.01 in the previous session.In the open market, the rupee stayed flat, trading at 279.68 against the dollar.
Dealers said the local currency remained stable as dollar sales from exporters and remittances surpassed importer demand. However, they monitor developments regarding the renewed tensions in the Middle East to gauge the future outlook for the rupee.
“Global markets remained focused on the renewed escalation between the US and Iran, with crude oil extending its gains after both sides carried out fresh military strikes,” said Chase Securities in a note.
“Brent crude climbed to its highest level in over a month as concerns over supply disruptions through the Strait of Hormuz resurfaced,” it said and added while Iran reiterated the closure of the strategic waterway, President Donald Trump’s decision to replace the proposed 20 per cent transit fee with investment agreements involving Gulf states signalled that diplomatic channels remain active despite heightened military tensions.
“The evolving situation continues to keep energy markets volatile, although oil prices remain well below the extreme levels witnessed during previous geopolitical crises.”
