Rupee inches up against US dollar

The Pakistani rupee extended its marginal gains against the US dollar on Wednesday.

The local unit closed the day at 277.75, a gain of Re0.01 against the greenback.

On Tuesday, the Pakistani rupee settled at 277.76 against the dollar.

Meanwhile, the US dollar index, which tracks the currency against six major peers, was little changed at 99.85, struggling to find direction after hitting a six-week low on Monday.

The euro was steady at $1.1533, and sterling traded flat at $1.3453.

The kiwi dollar was roughly down 0.4% at $0.5870 after New Zealand’s unemployment rate climbed to a decade-high of 5.6% in the second quarter. The Aussie was flat at $0.7046.

Oil ‌prices rose on Wednesday after Yemen’s Houthis said they attacked a Saudi oil tanker in the Red Sea, denting hopes of a de-escalation in Iran war hostilities that could restore shipping traffic and oil flows in the Middle ​East.

Brent crude futures were up 74 cents, or 0.93%, at $80.10 a barrel by 1303 ​GMT. US West Texas Intermediate futures gained 16 cents, or 0.21%, to $75.93.

Inter-bank market rates for dollar on Wednesday

BID Rs 277.75

OFFER Rs 277.95

Open-market movement

In the open market, the PKR gained 10 paise for buying and 6 paise for selling against USD, closing at 278.64 and 279.68, respectively.

Against Euro, the PKR lost 73 paise for buying and gained 34 paise for selling, closing at 320.66 and 323.66, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and 6 paise for selling, closing at 75.92 and 76.60, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and gained 5 paise for selling, closing at 74.16 and 74.78, respectively.

Open-market rates for dollar on Wednesday

BID Rs 278.64

OFFER Rs 279.68