Pakistan rupee records gain against US dollar

The Pakistani rupee extended its marginal gains, appreciating 0.01%, against the US dollar on Thursday.

The local unit closed the day at 277.57, a gain of Re0.03 against the greenback.

On Wednesday, the Pakistani rupee settled at 277.60 against the dollar.

Furthermore, the US dollar nursed steep losses on Thursday, hovering near three-month lows.

The ‌dollar index , which measures the US currency against six other units, was at 98.938, around its lowest level since mid-May.

The euro was at $1.1676, perched at the highest level since late May.

The ​US Treasury unveiled plans to double liquidity support buyback operations for longer-dated bonds ​after a steep bond selloff pushed the 30-year Treasury yield to a ⁠19-year high of 5.337%.

The yield was last at 5.184% after dropping 9 ​basis points following the announcement on Wednesday.

Oil prices climbed to more than three-week highs on ‌Thursday, driven by concerns that the impasse in the Iran war will continue to disrupt supply from the key Middle Eastern producing region.

Brent crude futures for October delivery were up $2.19, or 2.39%, to $93.81 a barrel at 1257 GMT, while US West ​Texas Intermediate crude futures for September added $2.33 to $88.16 a barrel. The more-active October WTI contract was ​up $2.44, or 2.89%, to $86.83.

Inter-bank market rates for dollar on Thursday

BID Rs 277.57

OFFER Rs 277.77

Open-market movement

In the open market, the PKR gained 12 paise for buying and 10 paise for selling against USD, closing at 278.26 and 279.28, respectively.

Against Euro, the PKR lost 2.27 rupees for buying and 2.65 rupees for selling, closing at 323.31 and 326.47, respectively.

Against UAE Dirham, the PKR gained 5 paise for buying and 2 paise for selling, closing at 75.56 and 76.28, respectively.

Against Saudi Riyal, the PKR gained 8 paise for buying and 4 paise for selling, closing at 73.80 and 74.47, respectively.

Open-market rates for dollar on Thursday

BID Rs 278.26

OFFER Rs 279.28