Rupee inches up against US dollar
- Settles at 277.75
The Pakistani rupee marginally gained against the US dollar, closing at 277.75, amidst mixed global currency movements and a continued decline in international oil prices.
- Pakistani rupee's marginal gain against the US dollar.
- Global currency market movements and the US dollar index.
- Oil prices extending losses for benchmark contracts.
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.
Moreover, oil extended losses on Wednesday.
Brent crude futures were down 32 cents, or 0.4%, to $79.04 a barrel at 0630 GMT. U.S. West Texas Intermediate futures dropped 58 cents, or 0.8%, to $75.19 a barrel.
Both benchmark contracts settled more than 5% lower on Tuesday.
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