Rupee records gain against US dollar

Business Recorder reported that the local unit firmed slightly on Thursday, gaining 0.01% against the US dollar. The rupee ended the session at 277.42, a gain of Rs0.03 against the greenback. It had settled at 277.45 on Wednesday.

Elsewhere, the yen steadied on Thursday after an abrupt but short-lived jump in the previous session, which traders suspect may have involved government authorities. The Japanese currency was last quoted at 158.88 per US dollar, having risen 0.9% overnight. That move left the dollar weaker, with the euro edging up to $1.1589.

Oil prices, which are watched as a gauge of currency parity, also eased on Thursday as traders weighed the uncertainty tied to a resumption of military action involving the US and Iran. Brent crude futures had dropped to $95.04 per barrel by 0509 GMT, shedding 59 cents or 0.62%. West Texas Intermediate futures were also lower, down 38 cents, or 0.42%, at $90.63.