Daily Times

The Pakistani rupee gained marginally against the US dollar on Wednesday, appreciating by 0.06%. At the close of trading, the rupee stood at 280.26, a slight gain of Re0.16 from Tuesday’s closing value of 280.42. This improvement reflects a small but notable movement in the inter-bank market.

On the global front, the US dollar weakened on Wednesday, following weak US confidence data and concerns about the impact of new tariffs on US economic growth. The US dollar dipped by about 0.5% against the Japanese yen, trading at 149.95 yen after briefly crossing below 150 yen. Meanwhile, the euro remained stable at $1.0789 after a recent dip from a five-month high.

Global market reactions were cautious as discussions between the US, Russia, and Ukraine centered around pausing attacks at sea and on energy targets. However, wheat prices dropped as the US moved to lift sanctions on Russian agriculture. Investors are particularly nervous about potential US tariffs on autos, chips, and pharmaceuticals next week, which could add further pressure to the global economy.

In commodity markets, oil prices rose on Wednesday due to concerns about tighter global supply. This was driven by the US threatening tariffs on nations buying Venezuelan crude and a larger-than-expected drop in US crude inventories. Brent crude futures rose by 0.67%, reaching $73.51 per barrel, while US West Texas Intermediate crude futures climbed 0.70%, reaching $69.48 per barrel.