Rupee registers gain against US dollar

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

The local unit closed the day at 277.61, a gain of Re0.01 against the greenback.

On Monday, the Pakistani rupee settled at 277.62 against the dollar.

The US dollar held near multi-month lows against most major currencies on Tuesday.

The euro fetched $1.1581 in early Asian hours, not far from the two-month high of $1.1614 it touched on Monday. Sterling was at $1.3548, just shy of the three-month peak it touched in the previous session.

Oil prices traded slightly higher ​for a third session on Tuesday as prospects receded for a deal to end the Middle ‌East war, with Iran saying it would adopt a more offensive stance and the US ruling out extending a ceasefire deal, heightening worries about prolonged energy supply disruptions.

Brent crude futures were up 20 cents, or 0.22%, to $91.07 a barrel at 1203 GMT. US ​West Texas Intermediate crude futures were up 49 cents, or 0.58%, at $84.99 a barrel.

Inter-bank market rates for dollar on Tuesday

BID Rs 277.61

OFFER Rs 277.81

Open-market movement

In the open market, the PKR remained unchanged for buying and gained 6 paise for selling against USD, closing at 278.46 and 279.41, respectively.

Against Euro, the PKR gained 72 paise for buying and 82 paise for selling, closing at 320.85 and 323.79, respectively.

Against UAE Dirham, the PKR gained 7 paise for buying and 11 paise for selling, closing at 75.69 and 76.35, respectively.

Against Saudi Riyal, the PKR gained 9 paise for buying and 8 paise for selling, closing at 73.99 and 74.60, respectively.

Open-market rates for dollar on Tuesday

BID Rs 278.46

OFFER Rs 279.41