Pakistani rupee inches up against US dollar
- Settles at 278.00
The Pakistani rupee posted a marginal gain against the US dollar, while the dollar weakened globally against other major currencies, and oil prices also rose.
- Pakistani rupee's marginal gain against the US dollar.
- Global weakening of the US dollar against other currencies.
- Rising oil prices for Brent and West Texas Intermediate.
The Pakistani rupee posted marginal gain against the US dollar in the inter-bank market on Wednesday.
At close, the local currency settled at 278.00, a gain of Re0.01 against the greenback.
On Tuesday, the rupee closed at 278.01 against the dollar.
The dollar extended its weakness on Wednesday after tumbling from a two-week high.
Against the yen, the dollar fetched 162.08, down 0.1%.
The euro and the British pound each gained 0.1%, trading at $1.1433 and $1.3401, respectively.
Furthermore, oil rose on Wednesday with Brent closing at its highest since June 12 and West Texas Intermediate at its highest since June 15 and rose further on early Wednesday trade.
Brent rose $1.46, or 1.72%, to $86.19 a barrel by 0029 GMT while WTI was up $1.11, or 1.4%, to $80.40 a barrel.
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