Pakistani Rupee Strengthens Against US Dollar Amid Global Market Volatility

The Pakistani rupee strengthened against the US dollar in the interbank market on Wednesday. The local currency closed at Rs. 277.75 per dollar, a marginal gain of Re0.01 from Tuesday's closing rate of Rs. 277.76.

The US Dollar Index, which measures the greenback against six major currencies, traded nearly flat at 99.85 after touching a six-week low earlier this week.

Major currencies showed limited movement, with the euro holding steady at $1.1533 and the British pound trading flat at $1.3453. However, the New Zealand dollar fell around 0.4% to $0.5870 due to an increase in unemployment rate to a decade-high of 5.6% in the second quarter.

Oil prices continued their decline, with Brent crude falling 32 cents, or 0.4%, to $79.04 per barrel, and US West Texas Intermediate (WTI) dropping 58 cents, or 0.8%, to $75.19 per barrel.