Rupee registers gain against US dollar

The Pakistani rupee gained against the US dollar in the inter-bank market on Monday.

At close, the local currency settled at 278.31, a gain of Re0.01 against the greenback.

On Friday, the local unit closed at 278.32.

Meanwhile, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday decided to keep the policy rate unchanged at 11.5%.

Additionally, the US dollar slid on Monday to a 10-day low against its ‌major peers as news that the United States had agreed to a peace deal with Iran sent oil prices tumbling and boosted demand for riskier assets.

The euro stood at $1.1607 , up 0.35% so far in Asia, and Sterling strengthened 0.3% to $1.3448 .

The risk-sensitive Australian dollar fetched $0.7075 , up 0.50%, while the kiwi was up 0.4% at $0.5854 .

The ​dollar index , which measures the greenback against a basket of currencies including the yen and the euro, ​fell 0.31% to 99.492, the weakest level since June 5.

Moreover, Oil prices slipped to a three-month low on Monday.

Brent crude futures fell $3.65, or 4.2%, to $83.68 a barrel by 0630 GMT and US West Texas Intermediate was at $80.75, down $4.13, or 4.9%.

Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.