Daily Times

The Pakistani rupee remained largely stable against the US dollar in the inter-bank market on Wednesday. At close, the local unit settled at 278.39, a loss of Re 0.01 against the greenback, as per the State Bank of Pakistan (SBP). On Tuesday, the rupee closed at 278.38, lower by Re0.05 or 0.02%. In a key development, it was revealed that country borrowed $6.899 billion from multiple financing sources during the first nine months (July-March) of the current fiscal year 2023-24 compared to $7.764 billion borrowed during the same period of 2022-23, according to Economic Affairs Division (EAD) data. Globally, the US dollar nursed its wounds on Wednesday following big tumbles against the euro and sterling, but the yen remained mired near 34-year lows even as Japanese officials stepped up intervention warnings. The dollar’s broad overnight losses were driven by a combination of surprisingly robust European activity data and cooling US business growth The US dollar index – which measures the currency against six major peers including the euro, sterling and yen – edged 0.07% lower to 105.60 in early Asian trading after slumping 0.4% overnight and touching the lowest level since April 12 at 105.23.