Rupee registers gain against US dollar
- Settles at 278.26 against greenback
The Pakistani rupee posted a marginal gain against the US dollar, appreciating 0.01%, while the US dollar maintained a two-month high amid Federal Reserve rate hike expectations.
- Pakistani rupee's marginal appreciation against the dollar.
- US dollar's two-month high due to Fed rate hike bets.
- Movements of other major global currencies.
- Decline in international oil prices.
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Thursday.
At close, the local currency settled at 278.26, a gain of Re0.01 against the greenback.
On Wednesday, the local unit closed at 278.27.
Meanwhile, the US dollar clung to a more than two-month high on Thursday as markets ramped up wagers on Federal Reserve rate hikes this year, heaping fresh pressure on the Japanese yen toward intervention territory.
The euro last traded a shade stronger at $1.1511 and sterling strengthened to $1.3318 , after the currencies touched two-month lows earlier.
The risk-sensitive Australian dollar and the New Zealand dollar were both up roughly 0.2% to $0.7025 and $0.5780, respectively.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was little changed at 100.31.
It surged 0.85% to the strongest level since March 31 in the previous session, in its biggest single-day gain since March 2.
Oil prices fell almost 3% on Thursday to their lowest since the first trading day of the Iran war, as a US-Iran interim deal to end the conflict, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook.
Brent crude futures were down $1.53, or 1.9%, at $78.02 a barrel at 1326 GMT, while U.S. West Texas Intermediate fell $2.22, or 2.9%, to $74.57 a barrel.
Inter-bank market rates for dollar on Thursday
BID Rs 278.26
OFFER Rs 278.46
Open-market movement
In the open market, the PKR gained 15 paise for buying and 2 paise for selling against USD, closing at 278.55 and 279.55, respectively.
Against Euro, the PKR gained 2.45 rupees for buying and 2.17 rupees for selling, closing at 320.92 and 324.32, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 3 paise for selling, closing at 75.96 and 76.57, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and gained 2 paise for selling, closing at 74.29 and 74.85, respectively.
Open-market rates for dollar on Thursday
BID Rs 278.55
OFFER Rs 279.55
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