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 Thursday.

At close, the local currency settled at 277.97, a gain of Re0.03 against the greenback.

On Wednesday, the rupee closed at 278.00 against the dollar.

The US dollar hovered near a one-month ​low on Thursday, as soft inflation data reinforced bets that the Federal Reserve can stay ‌patient on interest rate hikes.

The greenback slipped against the Japanese yen for the third trading session, by 0.1% to 162.075 yen . The euro was 0.1% higher at $1.1472, ​its strongest in a month.

The US dollar index, which tracks the currency against ​six peers, was little changed at 100.47, hovering near its lowest since June 18. It has fallen ​0.8% over the previous two sessions and is on track for a weekly decline.

Meanwhile, oil prices turned lower on Thursday as traders took profits and evaluated the risks from a new wave of US strikes on Iranian military installations, which fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz.

After initially rising for a fourth straight session, Brent crude futures slipped 24 cents, or 0.28%, to $84.95 a barrel as of 0435 GMT, while US West Texas Intermediate futures fell15 cents, or 0.19%, to $79.45 a barrel.

Brent had gained almost $1 earlier in the session and both contracts remained close to one-month highs.