Rupee records gain against US dollar

Business Recorder reported that the rupee closed at Rs277.56 against the US dollar in the inter-bank market on Friday, a gain of Re0.01 from the previous day. The offer rate was Rs277.76, while Thursday's settlement stood at 277.57. The day's movement was small, but it still marked a gain for the local unit.

In the open market, the rupee was unchanged against the dollar, with buying and selling rates of Rs278.26 and Rs279.28. Against the euro, it lost 30 paise on buying and 25 paise on selling, closing at 323.61 and 326.72. Against the UAE dirham and Saudi riyal, buying rates eased by 1 paisa and 3 paise, while selling rates held steady.

Globally, the dollar was heading for a weekly decline as investors treated a US Treasury bond buyback as a stopgap measure. The euro hovered near a three-month high at $1.1685, while Brent crude stood at $93.98 a barrel after Washington threatened tough new sanctions with Middle East oil supply disruptions still unresolved.