Pakistani rupee registers 19th consecutive gain against US dollar

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday.

At close, the rupee settled at 281.71, a gain of Re0.01 against the greenback. This was the rupee’s 19th consecutive gain against the greenback.

Since August 6, 2025, the rupee has gained Re0.96 against the US dollar.

On Tuesday, the local unit closed at 281.72.

Internationally, the Indian rupee is expected to open higher on Wednesday, shrugging off weakness in Asian peers and soft risk sentiment. Market participants note that the near-term depreciating bias has moderated to some extent.

The 1-month non-deliverable forward indicated the Indian rupee will open in the 88.04 to 88.08 range versus the US dollar, compared with 88.1550 in the previous session.

Traders said the brief climb past 87.95, a key resistance level, signalled that near-term pressure on the currency had tempered.

That optimism stemmed from India’s commerce minister saying he expects a US-India trade pact to be finalised by November despite recent setbacks, the trader pointed out.

The remarks coincided with US President Donald Trump’s comments that India had offered to cut its tariffs “to nothing.”

The dollar index rallied 0.66% on Tuesday and inched higher in Asia on Wednesday. Asian currencies weakened against the dollar.

The dollar’s strength came amid a drop in US and European equities and as long-dated European bond yields hit multi-year highs, with investors increasingly concerned about the fiscal situation.

Oil prices, a key indicator of currency parity, eased in Asia on Wednesday but held near one-month highs on the back of new US sanctions on a network of shipping companies and vessels, while traders looked ahead to an OPEC+ meeting over the weekend.

Brent crude fell 16 cents, or 0.2%, to $68.98 a barrel by 0645 GMT. US West Texas Intermediate crude dipped 13 cents, or 0.2%, at $65.46 a barrel.