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The Pakistani rupee on Wednesday recorded a marginal gains against the US dollar, appreciating 0.04% during the opening hours of trade.
At 10:30am, the rupee was hovering at 279.20, an increase of Re0.11 against the greenback in the inter-bank market.
According to the State Bank of Pakistan, the rupee saw a slight increase on Tuesday, ending the day at 279.31 against the US dollar (SBP).
Importantly, a number of parties declared their intent to merge, bringing Pakistan one step closer to forming a new government.
Tuesday saw the announcement of the formation of a coalition government by erstwhile allies Pakistan Muslim League-Nawaz (PML-N), Pakistan Peoples Party (PPP), Muttahida Qaumi Movement-Pakistan (MQM-P), and others. Pakistan Tehreek-e-Insaf (PTI) was also invited to participate in the “reconciliation” process for the benefit of the nation.
Globally, the US dollar traded near three-month highs to major peers on Wednesday as traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot US inflation figures overnight.
