Pakistani rupee registers gain against US dollar
- Settles at 277.85 against greenback
The Pakistani rupee slightly strengthened against the US dollar, closing at 277.85. This occurred as the US dollar maintained a one-month high amid potential Fed rate hikes, while oil prices declined.
- Pakistani rupee's marginal gain against the US dollar.
- US dollar's one-month high and Federal Reserve rate hike speculation.
- Global currency market trends and declining oil prices.
The Pakistani rupee extended its marginal gains against the US dollar on Tuesday.
The local unit closed the day at 277.85, a gain of Re0.01 against the greenback.
On Monday, the Pakistani rupee settled at 277.86 against the dollar.
Furthermore, the US dollar held at a one-month high on Tuesday as traders weighed a slim but lingering chance of a rate hike at the Federal Reserve’s upcoming meeting, even as falling oil prices eased some concerns over inflation.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, edged up 0.03% to 101.55, with the euro down 0.01% at $1.1366.
Against the Japanese yen, the dollar gained 0.05% to 163.82, while sterling eased 0.02% to $1.3284.
Oil prices extended losses on Tuesday, hitting their lowest levels in more than a week on cautious hopes for a resolution to the U.S.-Iran conflict as traders continued to assess developments in the Middle East.
Oman has won backing from Gulf states for a plan that would let Tehran collect voluntary fees to use the Strait of Hormuz, a Gulf source told Reuters on Tuesday, a path towards ending the disruption to oil trade caused by the US-Israeli war on Iran.
Brent crude futures were down $1.68, or 1.90%, at $86.68 by 1111 GMT. U.S. West Texas Intermediate crude was at $81.33 a barrel, down $1.28, or 1.55%.
Inter-bank market rates for dollar on Tuesday
BID Rs 277.85
OFFER Rs 278.05
Open-market movement
In the open market, the PKR gained 2. paise for buying and remained unchanged for selling against USD, closing at 278.87 and 279.87, respectively.
Against Euro, the PKR gained 1.23 rupee for buying and 65 paise for selling, closing at 318.56 and 322.02, respectively.
Against UAE Dirham, the PKR gained 2 paise for buying and lost 1 paisa for selling, closing at 76.35 and 76.96, respectively.
Against Saudi Riyal, the PKR gained 3 paise for buying and 2 paise for selling, closing at 74.68 and 75.27, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.87
OFFER Rs 279.87
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