The Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Thursday.
The local unit closed the day at 276.76, a gain of Re0.01 against the greenback.
On Wednesday, the rupee had closed at 276.77 against the dollar.
Globally, the US dollar steadied on Thursday after the Federal Reserve held interest rates as expected while hinting that upcoming inflation data would influence future policy moves, leaving investors uncertain about the rates outlook.
The Fed opted to delay any changes to borrowing costs until after next week’s midterm election in a 10-2 decision, which came with an upgraded assessment of an economy that the central bank now says is growing at a “strong pace.”
The euro eased 0.15% to $1.1134 in early Asian hours after the common currency firmed 0.3% in the previous session following the Fed decision. Against the Japanese yen, the dollar was up 0.14% at 158.045 yen.
The greenback had held near two-week highs ahead of the announcement but turned lower after Warsh’s press conference offered no clear steer on a December move.
Traders are pricing in a 78% chance of a hike in December, the FedWatch tool showed. The dollar index, which measures the greenback against a basket of six currencies, was at 102.26.
Oil prices, a key indicator of currency parity, fell on Thursday, paring gains made a day earlier, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions from escalating regional conflict.
Brent crude futures declined $1.55, or 1.34%, to $113.77 a barrel by 1314 GMT. US West Texas Intermediate (WTI) crude futures were down $2, or 1.95%, at $100.78.
Inter-bank market rates for dollar on Thursday
BID Rs 276.76
OFFER Rs 276.96
Open-market movement
In the open market, the PKR gained 5 paise for buying and 4 paise for selling against USD, closing at 277.48 and 278.62, respectively.
Against Euro, the PKR lost 47 paise for buying and 10 paise for selling, closing at 308.85 and 311.73, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and 1 paisa for selling, closing at 75.62 and 76.19, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and 1 paisa for selling, closing at 73.96 and 74.48, respectively.
Open-market rates for dollar on Thursday
BID Rs 277.48
OFFER Rs 278.62
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