Pakistan rupee registers gain against US dollar

Business Recorder reported that the rupee firmed slightly against the greenback on Tuesday, ending the session at 277.46. That represented a gain of Rs0.01 compared with Monday's settlement of 277.47. The inter-bank bid rate stood at Rs277.46, while the offer was quoted at Rs277.66.

On the open market, the dollar was quoted at Rs278.33 to buy, 2 paise higher, and Rs279.18 to sell, 3 paise up. Against the euro, the rupee weakened by 16 paise on the buy side and 17 paise on the sell side, to Rs321.57 and Rs324.55. It edged up on the buying side against the UAE dirham and Saudi riyal, at Rs75.65 and Rs73.92.

Elsewhere, the yen was little moved at roughly 160 per dollar, while the euro traded at $1.1623 and the dollar index eased to 99.37. Traders weighed a larger chance of a Federal Reserve rate increase in September after remarks from Fed Chairman Kevin Warsh. Brent futures climbed by $1.72 to $92.21 per barrel, a rise of 1.9 per cent, as the United States and Iran resumed hostilities in the Middle East, while West Texas Intermediate gained 2.47 per cent to $87.88.