Rupee records gain against US dollar
- Settles at 277.65
The Pakistani rupee extended its marginal gains against the US dollar, closing at 277.65, as the dollar's global advance stalled following benign US inflation data.
- Pakistani rupee's marginal gains against the US dollar.
- Global dollar performance and US inflation data.
- Declining trends in Brent and WTI crude oil prices.
The Pakistani rupee extended its marginal gains against the US dollar on Thursday.
The local unit closed the day at 277.65, a gain of Re0.01 against the greenback.
On Wednesday , the Pakistani rupee settled at 277.66 against the dollar.
Meanwhile, the dollar’s advance stalled on Thursday after an overall benign US inflation reading overnight spurred traders to pare back bets for a near-term Federal Reserve interest rate hike.
The greenback was little changed against the yen as of Asia’s midday, but remained on course to gain about 1% this week as markets bought back the currency pair following recent joint US-Japan intervention that saw it plummet to a three-month low.
The dollar index, which measures the US currency against the yen and five other major peers, was flat at 100 on Thursday, but on course for a 0.4% weekly rise.
Furthermore, oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher US crude stocks, though prices found support from a lack of progress in talks over the blockaded Strait of Hormuz and disruptions to supply.
Brent futures were down $2.20, or 2.47%, at $86.78 a barrel by 1324 GMT, trimming gains accumulated over the previous six sessions.
US West Texas Intermediate (WTI) crude fell $2.34, or 2.81%, to $80.93 after advancing over the past five sessions.
Inter-bank market rates for dollar on Thursday
BID Rs 277.65
OFFER Rs 277.85
Open-market movement
In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 278.59 and 279.62, respectively.
Against Euro, the PKR gained 30 paise for buying and 27 paise for selling, closing at 320.28 and 323.42, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and 2 paise for selling, closing at 75.80 and 76.45, respectively.
Against Saudi Riyal, the PKR gained 1 paisa for buying and lost 1 paisa for selling, closing at 74.12 and 74.70, respectively.
Open-market rates for dollar on Thursday
BID Rs 278.59
OFFER Rs 279.62
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