Karachi: Rupee gained value against greenback in interbank market as up by Rs 1.02 close at Rs 293.88 against previous day’s closing of Rs 294.90.

However, according to Forex Association of Pakistan buying and selling rates of dollar in open market stood at Rs 293.6 and Rs 296.5 respectively. Price of Euro decreased by 99 paisa to close at Rs 314.29 against last day’s closing of Rs 315.28, according to State Bank of Pakistan.

Japanese Yen came down by 1 paisa to close at Rs 1.98, whereas decrease of Rs 1.92 was witnessed in exchange rate of British Pound, which traded at Rs 363.40 as compared to last closing of Rs 365.32.

Exchange rates of Emirates Dirham and Saudi Riyal declined by 28 paisa each to close at Rs 80.01 and Rs 78.34 respectively.

Internationally, dollar remained firm on Wednesday but softened slightly against yen ahead of much-anticipated rate decision by Federal Reserve later in day.

Dollar index, which measures greenback against basket of rivals stayed mostly flat at 105.13 as traders awaited Fed’s rate decision. Markets expect Fed will almost certainly keep rates on hold at 5.25 percent to 5.50 percent, putting the focus on central bank’s forward guidance. Oil prices, key indicator of currency parity, fell nearly $ 1 on Wednesday ahead of US Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand.

Published in The Daily National Courier, September, 21 2023

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