Pakistani rupee gains against US dollar

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.

Oil prices surged more than 3% on Monday after renewed military ‌strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz.

Brent crude futures were up $2.39, or 3.14%, to $78.40 at 1321 GMT, while US West Texas Intermediate crude was up $2.17, or 3.04%, to $73.58 a barrel. Both contracts rose more than 4% earlier in the session.

Inter-bank market rates for dollar on Monday

BID Rs 278.02

OFFER Rs 278.22

Open-market movement

In the open market, the PKR lost 6 paise for buying and 20 paise for selling against USD, closing at 278.88 and 279.64, respectively.

Against Euro, the PKR gained 64 paise for buying and 55 paise for selling, closing at 319.14 and 322.08, respectively.

Against UAE Dirham, the PKR lost 4 paise for buying and 2 paise for selling, closing at 76.14 and 76.71, respectively.

Against Saudi Riyal, the PKR lost 3 paise for buying and 7 paise for selling, closing at 74.53 and 75.06, respectively.

Open-market rates for dollar on Monday

BID Rs 278.88

OFFER Rs 279.64