Pakistan rupee records gain against US dollar

According to Business Recorder, the rupee added Rs0.01 against the greenback on Thursday, closing the interbank session at 277.51. The currency market was shut on Wednesday for Eid-Milad-un-Nabi, so Thursday's move came after a trading break. Quoted interbank bid and offer rates were Rs277.51 and Rs277.71.

The dollar stayed near an eight-day high on Thursday, as US inflation and other economic data nudged up bets on a Federal Reserve rate increase. The dollar index climbed 0.21% to 99.13, the strongest reading since August 19. Against the yen, the greenback traded at 159.23, having surrendered most of its intervention gains yet remaining some distance from a multi-decade low near 164.

Oil prices also firmed on Thursday, as traders weighed global supply prospects amid the ongoing Iran war, while Washington said it was not presently negotiating with Tehran, even as other nations pursued diplomacy. Benchmark Brent gained 1.32%, or $1.16, to $89 per barrel by 1332 GMT, while West Texas Intermediate firmed 0.63% to $82.75. Open-market quotes showed buying at 278.26 and selling at 279.29, with the rupee down 1 paisa and 11 paise respectively against the dollar.