Rupee registers gain against US dollar
- Settles at 278.17
The Pakistani rupee posted a marginal gain against the US dollar, while the dollar itself was on track for its biggest monthly gain in nearly a year, impacting other major currencies.
- Pakistani rupee's marginal appreciation against the US dollar.
- US dollar's strong monthly performance against major currencies.
- Global oil price increases amid US-Iran geopolitical tensions.
PKR vs USD Exchange Rate USD / PKR
The Pakistani rupee posted marginal gain, appreciating 0.01%, against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 278.17, a gain of Re0.03 against the greenback.
On Wednesday, the local unit closed at 278.20.
Meanwhile, the US dollar was on the defensive on Monday but remained on track for its biggest monthly gain in nearly a year.
The euro was flat at $1.1387 after hitting a 13-month low against the dollar last week, and was on track for a 2.3% monthly decline.
Sterling traded 0.1% lower at $1.3198 and was down 2% for the month.
The risk-sensitive Australian dollar fetched $0.6885, down 0.1% in early trade and heading for a 4.1% monthly decline.
The New Zealand dollar was little changed at $0.5635, down 5.9% for the month.
The Japanese yen last traded at 161.75, continuing to languish near a 40-year low.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was a shade higher at 101.36.
It is now on track for a 2.5% gain for June, which marks the biggest monthly advance since July last year.
Oil rose more than 1% on Monday after attacks by the US and Iran underscored the fragility of their interim peace deal, while expectations of a continued recovery in energy shipping through the Strait of Hormuz limited gains.
Iran and the US agreed to renew talks over the strait, raising hopes of saving the peace deal that had been threatened by days of tit-for-tat strikes.
Brent crude futures were up 77 cents, or around 1.1%, at $72.76 a barrel by 1324 GMT. US West Texas Intermediate crude gained $1, or 1.44%, to $70.23.
Inter-bank market rates for dollar on Monday
BID Rs 278.17
OFFER Rs 278.37
Open-market movement
In the open market, the PKR lost 3 paise for buying and 13 paise for selling against USD, closing at 278.70 and 279.59, respectively.
Against Euro, the PKR lost 67 paise for buying and 5 paise for selling, closing at 317.45 and 320.92, respectively.
Against UAE Dirham, the PKR lost 3 paise for both buying and selling, closing at 75.92 and 76.57, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 74.27 and 74.86, respectively.
Open-market rates for dollar on Monday
BID Rs 278.70
OFFER Rs 279.59
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