Pakistan rupee registers gain against US dollar
- Settles at 277.47 against greenback
The Pakistani rupee marginally appreciated against the US dollar, closing at 277.47, while the dollar held steady near a two-week high amid rate hike bets.
- Pakistani rupee's marginal gains against the US dollar.
- Dollar's stability and potential rate hike after Fed remarks.
- Global oil price surge due to Middle East conflict.
- Open market exchange rates for the Pakistani rupee.
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Monday.
The local unit closed the day at 277.47, a gain of Re0.03 against the greenback.
On Friday, the Pakistani rupee settled at 277.50 against the dollar.
Meanwhile, the dollar held steady near a two-week high on Monday as markets ramped up bets on a rate hike after hawkish remarks by Federal Reserve Chair Kevin Warsh, while the yen slipped back through the closely watched 160-per-dollar level.
The euro edged up 0.1% to $1.1591, while sterling was little changed at $1.3539. Both currencies remained on track for their second monthly gains.
The dollar index, which measures the US currency against six major peers, ticked down slightly to 99.6 after jumping 0.6% on Friday to its strongest level since August 17.
Even so, the index was still on track for a second consecutive monthly decline, as U.S. Treasury bond-buyback plans earlier in the month revived debasement trades.
Oil prices rose more than 2% on Monday after the US attacked an Iranian island in the Strait of Hormuz and Tehran said it had retaliated, as their conflict extended into its sixth month.
Brent crude futures were up $2.35, or 2.67%, to $90.45 a barrel at 1306 GMT, while US West Texas Intermediate crude was up $2.31, or 2.77%, to $85.71. Brent rose as high as $91.52 earlier in the day, marking its highest level since August 25.
Inter-bank market rates for dollar on Monday
BID Rs 277.47
OFFER Rs 277.67
Open-market movement
In the open market, the PKR lost 5 paise for buying and gained 2 paise for selling against USD, closing at 278.35 and 279.21, respectively.
Against Euro, the PKR gained 1.31 rupee for buying and 1.17 rupee for selling, closing at 321.41 and 324.38, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 75.66 and 76.29, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for both buying and selling, closing at 73.94 and 74.48, respectively.
Open-market rates for dollar on Monday
BID Rs 278.35
OFFER Rs 279.21
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