Rupee records gain against US dollar

The Pakistani rupee appreciated against the US dollar in the inter-bank market on Wednesday.

At close, the local currency settled at 278.45, a gain of Re0.01 against the greenback.

On Tuesday, the local unit closed at 278.46.

Moreover, persistent strength in the dollar sent the ​Japanese yen sliding to the key 160 level on Wednesday, as hostilities in the Gulf erupted anew and ‌bolstered demand for the safe-haven U.S. currency.

The dollar was last 0.04% higher at 159.98 yen.

The euro eased 0.09% to $1.1621, while sterling was down ‌0.07% at $1.3455.

Oil prices rose ​more than 1% on Wednesday, extending gains from the previous session, as hostilities ‌in the Middle East erupted anew and talks between Tehran and Washington showed little progress.

Brent futures were up $1.41, or 1.5%, at $97.41 a barrel at 1315 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.39, or 1.5%, to $95.15. ​Brent and WTI hit their highest since May 27 and May 22, respectively, earlier ​in the day.

Inter-bank market rates for dollar on Wednesday

BID Rs 278.45

OFFER Rs 278.65

Open-market movement

In the open market, the PKR gained 21 paise for buying and 8 paise for selling against USD, closing at 278.44 and 279.44, respectively.

Against Euro, the PKR gained 41 paise for buying and 53 paise for selling, closing at 322.03 and 325.33, respectively.

Against UAE Dirham, the PKR gained 5 paise for buying and 4 paise for selling, closing at 75.55 and 76.37, respectively.

Against Saudi Riyal, the PKR gained 6 paise for buying and 9 paise for selling, closing at 73.78 and 74.54, respectively.

Open-market rates for dollar on Wednesday

BID Rs 278.44

OFFER Rs 279.44