Rupee strengthens up against US dollar
- Settles at 277.67
The Pakistani Rupee gained 0.1% against the US Dollar, closing at 277.67, while the US dollar remained steady against other major currencies amidst fluctuating oil prices and yen movements.
- Pakistani Rupee's marginal gains against the US Dollar.
- Global currency market trends and interventions.
- Oil price movements and Middle East geopolitical factors.
- Inter-bank and open-market exchange rates.
The Pakistani rupee extended its marginal gains, appreciating 0.1% against the US dollar on Tuesday.
The local unit closed the day at 277.67, a gain of Re0.03 against the greenback.
On Monday, the Pakistani rupee settled at Rs277.70 against the dollar.
Internationally, the US dollar was steady against most major currencies as oil prices hovered near one-week highs amid dimming hopes of a deal between the US and Iran to end the conflict in the Middle East. The euro fetched $1.1544 while sterling was at $1.3509 in Asian hours.
The yen steadied on Tuesday after a sharp drop in the previous session as the joint US-Japan intervention failed to deliver a lasting boost, while the Australian dollar was at an eight-week high ahead of a policy decision from the country’s central bank.
The yen firmed to 158.93 per US dollar in Asian hours, but remained further away from the three-month high of 155.20 hit last week in the wake of the rare US-Japan yen-buying intervention at the end of July.
Furthermore, oil prices held near a one-week high on Tuesday as the market assessed signs of progress in talks between Oman and Iran over shipping through the Strait of Hormuz while disruption to Middle Eastern and Russian energy flows continued.
Brent futures were up 12 cents, or 0.1%, to $87.84 a barrel at 10:31 a.m. EDT (1431 GMT), while US West Texas Intermediate (WTI) crude rose seven cents, or 0.1%, to $82.20.
Inter-bank market rates for dollar on Tuesday
BID Rs 277.67
OFFER Rs 277.87
Open-market movement
In the open market, the PKR gained 7 paisa for buying and remained unchanged for selling against USD, closing at 278.53 and 279.61, respectively.
Against Euro, the PKR gained 25 paise for buying and 26 paisa for selling, closing at 320.62 and 323.72, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.79 and 76.48, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 2 paise for selling, closing at 74.10 and 74.71, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.53
OFFER Rs 279.61
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