Rupee records marginal gain against US dollar

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

The local unit closed the day at 277.50, a gain of Re0.01 against the greenback.

On Thursday, the Pakistani rupee settled at 277.51 against the dollar.

The US dollar held ​flat near a one-week high against major peers on Friday.

The euro and sterling were subdued near one-week lows against the greenback, last at $1.1652 and $1.3597, respectively, though both remained on track for a second ​straight monthly gain.

The yen was little changed at 159.34 per dollar, having surrendered part of its intervention-driven gains, ​but it was still headed for a 1.3% monthly rise.

The dollar index, which measures ⁠the currency against six major peers, was little changed at 99.13 in early Asian trading.

Oil prices fell on Friday and were on track for a weekly drop as traders weighed crude flows making it through the Strait of Hormuz against the deadlock in U.S.-Iran diplomacy.

Brent crude futures were ​down 52 cents or 0.6% at $89.18 a barrel at 1419 GMT. West Texas Intermediate crude futures fell $1.01, ‌or 1.2%, to $82.52.

Inter-bank market rates for dollar on Friday

BID Rs 277.50

OFFER Rs 277.70

Open-market movement

In the open market, the PKR lost 5 paise for both buying and selling against USD, closing at 278.30 and 279.23, respectively.

Against Euro, the PKR gained 27 paise for buying and 24 paise for selling, closing at 322.72 and 325.55, respectively.

Against UAE Dirham, the PKR lost 3 paise for both buying and selling, closing at 75.63 and 76.29, respectively.

Against Saudi Riyal, the PKR lost 5 paise for buying and 1 paisa for selling, closing at 73.93 and 74.47, respectively.

Open-market rates for dollar on Friday

BID Rs 278.30

OFFER Rs 279.23