Karachi: Rupee closed flat in value, depreciating 0.01 percent against dollar in inter-bank market. At close, domestic unit settled at 278.40, decline of 0.02 paisa against greenback, according to State Bank of Pakistan.

Globally, dollar remained on back foot on Wednesday after dovish comments from Federal Reserve Chair Jerome Powell sent US bond yields lower, overshadowing strong domestic jobs report. However, yen continued to languish close to 38-year low versus dollar, amid the increased possibility of second Donald Trump presidency, which could likely lead to higher long-term Treasury yields.

Dollar index, which measures currency against euro, sterling, yen and three other major peers, was little changed at 105.66 early in Asian session, after a 0.14 percent retreat in previous session. Oil prices, key indicator of currency parity, steadied on Wednesday after trading higher as industry data showed bigger-than-expected draw in US crude stockpiles, with gains capped by economic headwinds from China and euro zone. US West Texas Intermediate crude futures gained 5 cents or 0.06 percent to $ 82.86 per barrel.