Rupee inches up against US dollar

The Pakistani rupee continued to gain, appreciating 0.01%, against the US dollar during trading in the inter-bank market on Monday.

At close, the local currency settled at 278.67, a gain of Rs0.03 against the greenback.

On Friday, the local unit closed at 278.70.

Moreover, the US dollar advanced for a second day against its major peers in Asian trade on Monday.

The euro was down 0.2% at $1.1757, the yen slipped 0.3% to 157.155 yen per dollar and the British pound was 0.3% lower at $1.3590. The risk-sensitive Australian dollar slipped 0.2% to $0.7229, while its kiwi counterpart weakened 0.3% to $0.5948.

The Fed held rates steady last month as expected, but the decision exposed its deepest split in decades, with three officials dissenting against signalling future rate cuts.

Meanwhile, oil prices climbed on Monday by more than 3% after US President Donald Trump said the ceasefire with Iran was “on life support,” leaving the Strait of Hormuz largely closed with no clear end in sight to the war.

Brent crude futures were up $3.17, or 3.13%, at $104.46 a barrel at 12:15 p.m. EDT (1715 GMT) . US West Texas Intermediate CLc1 was at $98.32 a barrel, up $2.90, or 3.04%. Brent reached a session high of $105.99 and WTI hit a peak of $100.37.

Inter-bank market rates for dollar on Monday

BID Rs 278.67

OFFER Rs 278.87

Open-market movement

In the open market, the PKR gained 9 paise for buying and 6 paise for selling against USD, closing at 279.05 and 279.87, respectively.

Against Euro, the PKR lost 20 paise for buying and 11 paise for selling, closing at 327.60 and 330.62, respectively.

Against UAE Dirham, the PKR gained 6 paise for buying and 2 paise for selling, closing at 75.92 and 76.79, respectively.

Against Saudi Riyal, the PKR gained 1 paisa for buying and 3 paise for selling, closing at 74.32 and 75.05, respectively.

Open-market rates for dollar on Monday

BID Rs 279.05

OFFER Rs 279.87