Pakistani rupee registers gain against US dollar
- Settles at 277.85
The Pakistani rupee slightly strengthened against the US dollar, closing at 277.85. This occurred as the US dollar maintained a one-month high amid potential Fed rate hikes, while oil prices declined.
- Pakistani rupee's marginal gain against the US dollar.
- US dollar's one-month high and Federal Reserve rate hike speculation.
- Global currency market trends and declining oil prices.
The Pakistani rupee extended its marginal gains against the US dollar on Tuesday.
The local unit closed the day at 277.85, a gain of Re0.01 against the greenback.
On Monday, the Pakistani rupee settled at 277.86 against the dollar.
Furthermore, the US dollar held at a one-month high on Tuesday as traders weighed a slim but lingering chance of a rate hike at the Federal Reserve’s upcoming meeting, even as falling oil prices eased some concerns over inflation.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, edged up 0.03% to 101.55, with the euro down 0.01% at $1.1366.
Against the Japanese yen, the dollar gained 0.05% to 163.82, while sterling eased 0.02% to $1.3284.
Moreover, oil prices fell 1% on Tuesday.
Brent crude futures were down $0.54, or 0.6%, at $87.82 by 0046 GMT.
US West Texas Intermediate crude was at $81.95 a barrel, down $0.66, or 0.8%.
Both contracts fell 1% earlier in the session to their lowest level in more than a week.
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