Dollar resumes uptrend against rupee

• Local currency changes hand at Rs168.68 with the US dollar in the inter-bank market.
• The currency depreciates around 0.09% against the greenback.
• The dollar index stood at 93.226 in early Asian trade.

KARACHI: The rupee weakened against the US dollar on Wednesday, closing at Rs168.68 in the inter-bank market compared to Tuesday’s close of Rs168.52.

According to data released by the State Bank of Pakistan (SBP), the currency depreciated around 0.09% or 16 paisas against the greenback.

Earlier, speaking to Geo.tv, Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq had said these minimal fluctuations are because of the corrective measures taken by the government and central bank.

He had also predicted that the local currency is expected to trade in the same range, however, a clear direction will be seen next month considering trade data.

Dollar against other currencies

The dollar held below a near one-month high on Wednesday as investors focused on two key risks — a default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.

The dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.

The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.

The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.

The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.

— With additional input from Reuters