Rupee Edges Higher Against Dollar in Early Trade

The Pakistani rupee extended its upward streak against the US dollar on Wednesday, gaining modestly during the opening hours of trading in the inter-bank market.

At 10am, the local currency was valued at 281.47, marking an appreciation of Re0.25 or 0.09% compared to Tuesday’s closing rate of 281.72. Analysts described the movement as part of a stable trend, with the rupee holding its ground amid external pressures.

Market observers note that the local currency’s performance has been supported by steady inflows and improved confidence in Pakistan’s economic outlook. Despite volatility in global financial markets, the rupee has shown resilience over recent weeks.

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International developments also shaped investor sentiment. The US dollar index strengthened 0.66% on Tuesday and inched higher in Asian trading on Wednesday, causing most regional currencies to weaken. However, the rupee managed to hold firm, defying the broader trend in Asia.

Oil prices, a key factor for Pakistan’s import bill, remained steady. Brent crude traded at $69.13 a barrel, while US West Texas Intermediate was at $65.63. Analysts believe the stability in oil markets is offering some relief to South Asian economies heavily reliant on imports.