The Pakistani rupee posted marginal gain, appreciating 0.01%, against the US dollar in the inter-bank market on Monday.
At close, the local currency settled at 278.02, a gain of Re0.03 against the greenback.
On Friday, the rupee closed at 278.05 against the dollar.
Meanwhile, the dollar rose against most of its peers as a renewal of hostilities in the Middle East fanned inflation fears and raised prospects for interest rate hikes among global central banks.
Against Japan’s currency, the dollar was up 0.2% at 162.075 yen. The euro weakened 0.1% to $1.1397 while the British pound slipped 0.2% to $1.3374.
The Australian dollar was down 0.3% at $0.6928 while its kiwi counterpart eased 0.1% to $0.5757.
The U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.1% at 101.13 after earlier touching its highest level since July 8.
Moreover, oil prices surged over 4% on Monday as energy shipments via the Strait of Hormuz remained under threat, with the U.S. and Iran announcing renewed military strikes.
Brent crude futures climbed $3.10, or 4.08%, to $79.11 by 0325 GMT, while U.S. West Texas Intermediate crude rose $2.95, or 4.11%, to $74.36 a barrel.
IG market analyst Tony Sycamore said the relatively tame rise in oil prices suggested the market was taking the view that the current flare-up represented an escalation within a fragile truce and fell well short of a complete collapse of the ceasefire.
Comments