Rupee registers gain against US dollar

The Pakistani rupee registered marginal gain, appreciating 0.01% against the US dollar in the inter-bank market on Tuesday.

At close, the local currency settled at 279.22, a gain of Re0.03 against the greenback.

On Thursday, the local unit closed at 279.25.

Moreover, globally, the dollar nursed steep losses against major ​currencies on Tuesday in a wild start to the week after US President Donald Trump delayed the ‌bombing of Iran’s power grid.

The dollar index, which measures the US currency against a basket of peers, rose nearly 0.2% to 99.35 after dipping to near ​a two-week low on Monday.

The Australian dollar fell 0.2% to $0.6993 in early trade, pulling back from a six-week high.

Separately, oil prices rose on Tuesday on supply fears, as Iran denied it had talks with the United States to end the war in the Gulf, contradicting US President Donald Trump, who said a deal could be reached soon.

Brent futures rose $2.89, or 2.9%, to $102.83 a barrel at 0710 GMT, while US West Texas Intermediate (WTI) climbed $2.49, or 2.8%, to $90.62.

Crude futures dropped more than 10% on Monday, after Trump ordered a five-day delay to attacks on Iran’s power plants, saying the US had talks with unnamed Iranian officials that produced “major points of agreement”.

Inter-bank market rates for dollar on Tuesday

BID Rs 279.22

OFFER Rs 279.42

Open-market movement

In the open market, the PKR lost 9 paise for buying and gained 5 paise for selling against USD, closing at 279.49 and 280.27, respectively.

Against Euro, the PKR lost 3.37 rupees for buying and 3.07 rupees for selling, closing at 322.67 and 326.02, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.82 and 76.77, respectively.

Against Saudi Riyal, the PKR lost 11 paise for buying and 3 paise for selling, closing at 73.99 and 74.88, respectively.

Open-market rates for dollar on Tuesday

BID Rs 279.49

OFFER Rs 280.27