Rupee strengthens up against US dollar

Business Recorder reported that the rupee gained ground against the dollar on Tuesday, closing at 277.67 for a 0.1% advance. The currency ended Rs0.03 stronger than the Rs277.70 level set on Monday. Inter-bank bid rates stood at Rs277.67, while the offer was Rs277.87.

Open-market quotes showed the greenback at Rs278.53 for buying and Rs279.61 for selling, with the buying rate up 7 paisa and the selling rate flat. Against the euro, the local unit firmed by 25 paise on the buying side and 26 paisa on the selling side, reaching 320.62 and 323.72. Changes against the UAE dirham and Saudi riyal were minimal, with the dirham quoted at 75.79 and 76.48 and the riyal at 74.10 and 74.71.

Globally, the dollar was broadly steady against major peers, while oil hovered near one-week highs as doubts grew over a possible US-Iran deal to end the Middle East conflict. The euro traded at $1.1544 and sterling at $1.3509 during Asian hours. The yen firmed to 158.93 per dollar but stayed well above the three-month high of 155.20 seen last week after the US-Japan intervention in late July. Brent crude was priced at $87.84 a barrel and WTI at $82.20.