Pakistan rupee registers gain against US dollar

Business Recorder reported that the rupee edged higher against the US dollar on Monday, closing at 277.47 in the inter-bank market. That represented a gain of Rs0.03 from Friday's settlement of 277.50 per dollar, building on earlier marginal gains. Inter-bank bid and offer rates for the dollar stood at Rs277.47 and Rs277.67.

The wider currency backdrop saw the dollar hold near a two-week high as markets increased bets on a rate hike after hawkish comments from Federal Reserve Chair Kevin Warsh. The yen slipped back below the 160-per-dollar mark, while the dollar index eased to 99.6 following a 0.6 per cent jump on Friday. Oil prices also rose more than 2 per cent on Monday, with Brent futures at $90.45 a barrel, after a US strike on an Iranian island in the Strait of Hormuz.

In the open market, the buying rate fell 5 paise to Rs278.35 while the selling rate rose 2 paise to Rs279.21. Against the euro, the rupee gained 1.31 rupee for buying and 1.17 rupee for selling, with open-market rates closing at 321.41 and 324.38.