Rupee inches up against US dollar
- Settles at 277.76
The Pakistani rupee gained marginally against the US dollar, closing at 277.74, while the international dollar weakened and oil prices rebounded due to Middle East supply concerns.
- Pakistani rupee's marginal appreciation.
- International dollar's performance and global factors.
- Oil price rebound and Middle East supply risks.
The Pakistani rupee extended its marginal gains against the US dollar on Tuesday.
The local unit closed the day at 277.76, a gain of Re0.01 against the greenback.
On Monday, the Pakistani rupee settled at 277.77 against the dollar.
The international US dollar, meanwhile, was nursing losses, having slid in the wake of the yen-buying intervention and on the back of falling oil prices.
Against the greenback, the euro was little changed at $1.1511, having hit a 1-1/2-month peak of $1.1559 in the previous session, while sterling slipped 0.06% to $1.3427.
The dollar index bounced from a 1-1/2-month low to 99.98.
Markets are currently pricing in roughly 35 basis points worth of Fed rate hikes by December, with the focus turning to Friday’s jobs report.
In other currencies, the Australian dollar edged 0.04% higher to $0.7003, while the New Zealand dollar fell 0.1% to $0.5867.
Oil prices fell as low as 5% on Tuesday to a three-week low after comments by Qatar and US Treasury Secretary Scott Bessent raised hopes for a diplomatic resolution to the Middle East conflict, which would improve oil flows through the Strait of Hormuz.
Front-month Brent futures fell $3.95, or 4.72%, to $79.82 a barrel by 1340 GMT after hitting a session high of $86.33. Prices fell to as low as $79.73 a barrel at one point, or down around 5%.
Inter-bank market rates for dollar on Tuesday
BID Rs 277.76
OFFER Rs 277.96
Open-market movement
In the open market, the PKR lost 6 paise for buying and 21 paise for selling against USD, closing at 278.74 and 279.74, respectively.
Against Euro, the PKR gained 1.41 rupee for buying and 58 paise for selling, closing at 319.93 and 324.00, respectively.
Against UAE Dirham, the PKR gained 20 paise for buying and 15 paise for selling, closing at 75.93 and 76.66, respectively.
Against Saudi Riyal, the PKR gained 20 paise for buying and 18 paise for selling, closing at 74.16 and 74.83, respectively.
Open-market rates for dollar on Tuesday
BID Rs 278.74
OFFER Rs 279.74
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