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.
Moreover, oil prices rebounded 1% on Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments still seems unlikely.
Front-month Brent futures rose $1.12, or 1.3%, to $84.89 a barrel by 0355 GMT after dropping 7% in the previous session to a three-week low.
US West Texas Intermediate (WTI) crude was up 77 cents, or 1%, at $81.11 after falling more than 5% in the previous session to stand at its lowest in nearly a week.
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