Pakistani rupee records gain against US dollar

According to Business Recorder, the rupee ended Wednesday at 277.45 against the dollar, a Rs0.01 improvement on Tuesday's settlement of 277.46. The inter-bank bid was Rs277.45 and the offer Rs277.65 for the day. In the open market, the dollar was quoted at Rs278.33 for buying and Rs279.18 for selling, with both rates unchanged.

Fresh fighting in the Middle East lifted oil prices and revived inflation worries, which kept the dollar firm. The dollar index, a gauge of the greenback against several major currencies, stood at 99.67.

Oil prices eased on Wednesday after rising above one-month highs in earlier trade. Traders weighed the risk of supply disruption following overnight US and Iranian strikes, against indications that crude was still arriving in the market. By 1304 GMT, Brent was 43 cents lower at $94.22 per barrel, while West Texas Intermediate lost 71 cents, a 0.79% drop, to $89.51.