Karachi: Rupee registered losses, depreciating 0.11 percent against dollar in inter-bank market. At close, domestic unit currency settled at 286.88, decline of 0.32 paisa as per State Bank of Pakistan.

However, in open-market unit dollar was being quoted in range of 297-300 as compared to range of 300-303 on Tuesday, down by Rs 3.

Internationally, dollar edged lower on Wednesday as traders assessed odds of rate hike by Federal Reserve next week, while Aussie scaled fresh three-week high in wake of rate increase and decidedly hawkish stance by its central bank.

In broader currency market, dollar dipped in early Asia trade, as traders pared back their expectations of rate hike at next week’s FOMC meeting. Dollar index slipped 0.03 percent to 104.05, while euro rose 0.07 percent to $ 1.0698. Oil prices, key indicator of currency parity fell for second day on Wednesday as concerns over global economic headwinds deepened, erasing price gains booked after top crude exporter Saudi Arabia’s surprise weekend pledge to deepen output cuts.

Published in The Daily National Courier, June, 08 2023

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