Rupee records gain against US dollar
- Settles at 277.66
The Pakistani rupee extended its marginal gains against the US dollar, closing at 277.65, as the dollar's global advance stalled following benign US inflation data.
- Pakistani rupee's marginal gains against the US dollar.
- Global dollar performance and US inflation data.
- Declining trends in Brent and WTI crude oil prices.
The Pakistani rupee extended its marginal gains against the US dollar on Thursday.
The local unit closed the day at 277.65, a gain of Re0.01 against the greenback.
On Wednesday , the Pakistani rupee settled at 277.66 against the dollar.
Meanwhile, the dollar’s advance stalled on Thursday after an overall benign US inflation reading overnight spurred traders to pare back bets for a near-term Federal Reserve interest rate hike.
The greenback was little changed against the yen as of Asia’s midday, but remained on course to gain about 1% this week as markets bought back the currency pair following recent joint US-Japan intervention that saw it plummet to a three-month low.
The dollar index, which measures the US currency against the yen and five other major peers, was flat at 100 on Thursday, but on course for a 0.4% weekly rise.
Furthermore, brent futures were down 91 cents, or 1%, to $88.07 a barrel at 0800 GMT, trimming gains over the prior six sessions.
US West Texas Intermediate (WTI) crude fell 96 cents, or 1.2%, to $82.31, after advancing over the past five sessions.