Pakistan 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 277.46, a gain of Re0.01 against the greenback.

On Monday, the Pakistani rupee settled at 277.47 against the dollar.

Meanwhile, the yen steadied near the 160-per-dollar level on Tuesday.

The U.S. dollar was subdued, backing away from Friday’s gains as investors contended with rising odds of a hike from the Federal Reserve in September after last week’s hawkish remarks from Fed Chairman Kevin Warsh.

The euro was steady at $1.1623 after eking out a nearly 1% gain for August. Sterling last fetched $1.35575 after a 0.5% rise last month.

The dollar index , which measures the ​US currency against six other units, ​eased to 99.37.

Oil ‌prices rose by around 2% on Tuesday as the resumption of fighting between the United States and Iran in the Middle East renewed fears of supply disruptions from the world’s key crude-producing region.

Brent crude futures were up $1.72, or 1.9%, to $92.21 a ​barrel at 1046 GMT, while US West Texas Intermediate crude was up $2.12, or 2.47%, to $87.88.

Inter-bank market rates for dollar on Tuesday

BID Rs 277.46

OFFER Rs 277.66

Open-market movement

In the open market, the PKR gained 2 paise for buying and 3 paise for selling against USD, closing at 278.33 and 279.18, respectively.

Against Euro, the PKR lost 16 paise for buying and 17 paise for selling, closing at 321.57 and 324.55, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 75.65 and 76.29, respectively.

Against Saudi Riyal, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 73.92 and 74.48, respectively.

Open-market rates for dollar on Tuesday

BID Rs 278.33

OFFER Rs 279.18