Rupee records marginal gain against US dollar

Business Recorder reported that the rupee edged higher against the US dollar on Friday, finishing the session at 277.50. That was a rise of Rs0.01 from the 277.51 level it had settled at on Thursday. In the inter-bank market, the bid stood at Rs277.50 and the offer at Rs277.70.

In the open market, the rupee gave up 5 paisa against the dollar on both buying and selling, with quotes at 278.30 and 279.23. Against the euro, it picked up 27 paisa on the buying side and 24 paisa on the selling side, closing at 322.72 and 325.55. Against the UAE dirham and the Saudi riyal, the rupee lost a few paisa, with the dirham closing at 75.63 and 76.29 and the riyal at 73.93 and 74.47.

Elsewhere in currency markets, the dollar index was little changed at 99.13 in early Asian trading, while the euro and sterling sat near one-week lows at $1.1652 and $1.3597. Brent crude fell 52 cents to $89.18 a barrel, with traders balancing crude movements via the Strait of Hormuz while US-Iran diplomacy stays stalled.