Rupee records gain against US dollar

Business Recorder reported that the local currency edged up again on Wednesday, finishing at 277.60 against the greenback, a Rs0.01 improvement. The rupee had settled at 277.61 on Tuesday, so the move was slight.

Elsewhere, the dollar hovered close to multi-month lows against its major peers as Treasury yields retreated from recent highs. Market participants were waiting for the minutes of the Federal Reserve's latest policy meeting, looking for signals on the direction of interest rates. The euro rose to $1.1577, staying near a two-month peak, while sterling held at $1.3533, close to a three-month high ahead of British inflation figures. The yen traded at 159.56 per dollar, still well away from its weakest level in decades, near 164, while the dollar index slipped marginally to 99.65.

Oil prices also firmed, reaching a three-week high on Wednesday. Brent futures added 45 cents, equal to 0.49%, to reach $91.47 a barrel by 0754 GMT, while WTI gained 0.53% to $85.39 per barrel. Brent touched its strongest point since July 30, and WTI its best level since July 31.