Pakistan rupee records gain against US dollar

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

The local unit closed the day at 277.51, a gain of Re0.01 against the greenback.

On Tuesday, the Pakistani rupee settled at 277.52 against the dollar. The currency market was closed on Wednesday on account of Eid-Milad-un-Nabi.

Moreover, the dollar held near an eight-day high ‌on Thursday after US inflation and other economic data slightly lifted expectations of a Federal Reserve rate hike.

The dollar index, which measures the greenback against a basket of ​currencies including the yen and the euro, rose 0.21% to 99.13, its highest level since August 19.

Against the yen, the dollar ‌traded at ⁠159.23, having given back most of its intervention gains but still well off a multi-decade low of about 164.

Furthermore, oil prices rose on Thursday, as traders weighed prospects for global supplies in the wake of ‌the ongoing Iran war as Washington confirmed it was not currently in talks with Tehran despite diplomatic efforts by other countries.

Brent crude futures were up $1.16, or 1.32%, at $89 a barrel at 1332 GMT. West Texas Intermediate crude futures gained 52 cents, or 0.63%, to $82.75.

Inter-bank market rates for dollar on Thursday

BID Rs 277.51

OFFER Rs 277.71

Open-market movement

In the open market, the PKR lost 1 paisa for buying and 11 paise selling against USD, closing at 278.26 and 279.29, respectively.

Against Euro, the PKR gained 24 paise for buying and 4 paise for selling, closing at 322.75 and 325.75, respectively.

Against UAE Dirham, the PKR lost 3 paise for buying and 4 paise for selling, closing at 75.63 and 76.30, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 73.89 and 74.46, respectively.

Open-market rates for dollar on Thursday

BID Rs 278.26

OFFER Rs 279.29