Rupee inches up against US dollar

The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Thursday.

The local unit closed the day at 277.72, a gain of Re0.03 against the greenback.

On Wednesday, the Pakistani rupee settled at 277.75 against the dollar.

Moreover, currency markets drifted on Thursday with the yen struggling to retain intervention gains and the dollar pinned near six-week lows, ​as concerns about a proposed U.S.-Iran deal and jitters about upcoming US payroll data left traders cautious.

The euro was little changed at $1.1557, and sterling traded flat at $1.3469. The New Zealand dollar and ​the Australian dollar were also flat, last trading at $0.5885 and $0.7056, respectively.

The dollar index, which tracks the U.S. currency against six major ​peers, was little changed at 99.65, struggling to find direction while hovering near a six-week low.

Oil prices rose on Thursday as investors remained cautious on the outcome of Iran-Oman talks and whether ‌they will restore flows via the Strait of Hormuz, while reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden renewed supply tensions.

Brent crude futures gained 83 cents, or 1.04%, to $80.28 a barrel by 1158 GMT. US West Texas Intermediate futures added 61 cents, ​or 0.81%, to $75.83.

Inter-bank market rates for dollar on Thursday

BID Rs 277.72

OFFER Rs 277.92

Open-market movement

In the open market, the PKR lost 8 paise for buying and 19 paise for selling against USD, closing at 278.72 and 279.87, respectively.

Against Euro, the PKR lost 12 paise for buying and 32 paise for selling, closing at 320.78 and 323.98, respectively.

Against UAE Dirham, the PKR gained 9 paise for buying and 7 paise for selling, closing at 75.83 and 76.53, respectively.

Against Saudi Riyal, the PKR gained 7 paise for buying and 8 paise for selling, closing at 74.09 and 74.70, respectively.

Open-market rates for dollar on Thursday

BID Rs 278.72

OFFER Rs 279.87