Rupee inches up against US dollar

The Pakistani rupee extended its marginal gains against the US dollar on Tuesday.

The local unit closed the day at 277.76, a gain of Re0.01 against the greenback.

On Monday, the Pakistani rupee settled at 277.77 against the dollar.

The international US dollar, ‌meanwhile, ⁠was nursing losses, having slid in the wake of the yen-buying intervention and on the back of falling oil prices.

Against the greenback, ​the euro was little changed ​at $1.1511, having hit a 1-1/2-month ⁠peak of $1.1559 in the previous session, while sterling slipped 0.06% to $1.3427.

The dollar index bounced from a 1-1/2-month low to 99.98.

Markets are ​currently pricing in roughly 35 basis points worth of Fed rate hikes by December, with the focus turning to Friday’s jobs report.

In other currencies, the ​Australian dollar edged 0.04% higher to $0.7003, while the New Zealand dollar fell 0.1% to $0.5867.

Moreover, oil prices rebounded 1% on Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments still seems unlikely.

Front-month Brent futures rose $1.12, or 1.3%, to $84.89 a barrel by 0355 GMT after dropping 7% in the previous session to a three-week low.

US West Texas Intermediate (WTI) crude was up 77 cents, or 1%, at $81.11 after falling more than 5% in the previous session to stand at its lowest in nearly a week.