Pakistan rupee registers marginal gain against US dollar

The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Tuesday.

At close, the local currency settled at 278.10, a gain of Re0.01 against the greenback.

On Monday, the rupee closed at 278.11 against the dollar.

Meanwhile, in the broader market, the ​dollar was on shaky ground as investors continued to pare back expectations of U.S. rate hikes this year following ‌an underwhelming jobs ⁠report that came in far below expectations.

The euro edged a touch higher to $1.1442, extending gains from overnight, while sterling rose to a more than two-week high of $1.34005.

Against a basket of currencies, the dollar was last at 100.86.

Investors are now pricing in roughly 29 basis points worth of Federal Reserve rate hikes by ​December, down from about ​38 bps a week ⁠ago.

Oil prices rose on Tuesday after reports of attacks on vessels ‌near the Strait of Hormuz revived fears of disruptions to shipping through the critical energy transit route.

Brent crude futures gained 76 cents, or 1.1%, to $72.75 a barrel, while US West Texas Intermediate crude rose 73 cents, also 1.1%, to $69.28 a barrel at 1256 GMT.

Inter-bank market rates for dollar on Tuesday

BID Rs 278.10

OFFER Rs 278.30

Open-market movement

In the open market, the PKR lost 2 paise for both buying and selling against USD, closing at 278.77 and 279.40, respectively.

Against Euro, the PKR lost 49 paise for buying and 33 paise for selling, closing at 319.17 and 322.21, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and 2 paise for selling, closing at 76.00 and 76.59, respectively.

Against Saudi Riyal, the PKR lost 4 paise for buying and 2 paise for selling, closing at 74.39 and 74.89, respectively.

Open-market rates for dollar on Tuesday

BID Rs 278.77

OFFER Rs 279.40