Pakistan rupee records gain against US dollar

According to Business Recorder, the Pakistani rupee firmed slightly on Thursday, closing at 277.57 against the dollar. That level compares with 277.60 on Wednesday, leaving the local currency up Re0.03, or 0.01 per cent. Open-market quotes showed buying at Rs278.26 and selling at Rs279.28, while inter-bank bid and offer rates were Rs277.57 and Rs277.77.

Elsewhere, the greenback lost ground, with the dollar index at 98.938, close to its lowest reading since mid-May. The euro changed hands at $1.1676, a peak not seen since late May. The US Treasury, meanwhile, outlined a plan to raise buybacks of longer-dated bonds to twice their current level, after the 30-year yield climbed to 5.337%, a 19-year high.

Oil prices reached their highest point in over three weeks on Thursday, as fears that the Iran war standoff will keep hurting supply from the Middle East lifted crude. Brent for October delivery gained 2.39 per cent to $93.81 a barrel, while the more active October WTI contract rose 2.89 per cent to $86.83.