KARACHI (The Thursday Times) — The Pakistani rupee edged up against the US dollar on Wednesday, closing at 276.62 in the inter-bank market, a gain of Re0.03 or 0.01 per cent, State Bank of Pakistan data show.
Abroad, the dollar held near a two-week high after a hotter-than-expected US inflation reading for October and comments from Federal Reserve officials fuelled bets on another rate rise at the Fed’s next meeting, which ends on December 9. The dollar index was steady at 102.22.
Oil, which drives much of Pakistan’s import bill, rose as markets weighed hopes of an end to the war with Iran against continuing attacks on shipping in the Strait of Hormuz. Brent crude was up $1.04 at $92.53 a barrel in early trade.
Steady inflows are helping the currency: remittances rose 13.8 per cent to $3.89 billion in October.
