By 9:55am, the rupee stood at 279.85, marking an increase of Re0.1 against the dollar.

On Tuesday, the rupee had finished the day at 279.95.

The US dollar remained near a five-month low against major currencies, as concerns over the US economy persisted amid President Donald Trump’s unpredictable trade policies.

The euro stayed near a five-month high, buoyed by growing optimism that the war in Ukraine may come to an end.

The Canadian dollar experienced a volatile session after Trump announced plans to double tariffs on steel and aluminum to 50%, only to reverse the decision a few hours later. The Bank of Canada was set to announce its policy decision on Wednesday, with markets expecting a quarter-point interest rate cut.

Oil prices, an important factor in currency valuation, edged higher on Wednesday, supported by the weaker US dollar. However, concerns about a potential US economic slowdown and the effects of tariffs on global growth limited the gains.

Brent crude futures rose by 51 cents (0.7%) to $70.07 per barrel at 0430 GMT, while US West Texas Intermediate crude futures gained 52 cents (0.8%) to $66.77 per barrel.

Gold prices in Pakistan remained steady on Tuesday, with the per tola rate holding firm at Rs306,000 on Tuesday.

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Pakistani rupee steady against US dollar in interbank market

Pakistani rupee sees slight increase against US dollar in inter-bank market

Oil prices edge higher as dollar eases