Karachi: Rupee remained unchanged against dollar, settling with marginal gain of 0.01 percent during trading session. According to State Bank of Pakistan domestic unit closed at 283.88, an increase of 0.04 paisa. Rupee registered marginal decline against dollar on Tuesday, settling at 283.92 in inter-bank market.

Globally, dollar was subdued on Wednesday, weighed by bearish US labour market data as investors fretted over US debt ceiling and banking sector risks, while waiting for Federal Reserve’s policy decision later in day. US job openings fell for third straight month in March and layoffs increased to highest in more than two years, data showed on Tuesday, offering some hope that softening in labour market could aid Fed’s fight against inflation. Dollar index, which measures US currency against six rivals eased 0.029 percent to 101.820 after sliding 0.245 percent on Tuesday.

Oil prices, key indicator of currency parity extended losses on Wednesday after plunging 5 percent in previous session, as investors fretted about health of US economy ahead of an expected Federal Reserve interest rate hike later in day.

Published in The Daily National Courier, May, 04 2023

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