Pakistani rupee records gain against US dollar

The Pakistani rupee extended its gains, appreciating 0.01% against the US dollar on Tuesday.

The local unit closed the day at 277.92, a gain of Re0.03 against the greenback.

On Monday, the Pakistani rupee settled at 277.95 against the greenback.

The US dollar hovered ​near a one-week high on Tuesday, with markets torn between conflicting Middle East signals, ‌as hostilities in the region stoked renewed fears over energy supplies while hopes for a ceasefire offered some relief.

Against the yen, the dollar was largely flat at 162.50 yen.

The euro was also little changed at $1.1415, while ​the British pound held firm at $1.3434 after Britain’s new Prime Minister Andy Burnham vowed to ​stick to fiscal rules.

The US dollar index, which measures the currency against a basket ⁠of six peers, was steady at 100.96, near its highest level since July 15.

Oil prices gained more than 2% on Tuesday on fresh attacks exchanged by the US and Iran as well as threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.

Brent crude futures rose $1.89, or 2.12%, to $91.11 a barrel by 1312 GMT.

Inter-bank market rates for dollar on Tuesday

BID Rs 277.92

OFFER Rs 278.12

Open-market movement

In the open market, the PKR gained 4 paise for buying and 3 paise for selling against USD, closing at 278.80 and 279.65, respectively.

Against Euro, the PKR gained 54 paise for buying and 48 paise for selling, closing at 319.61 and 322.58, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.24 and 76.78, respectively.

Against Saudi Riyal, the PKR gained 6 paise for buying and remained unchanged for selling, closing at 74.53 and 75.08, respectively.

Open-market rates for dollar on Tuesday

BID Rs 278.80

OFFER Rs 279.65