Rupee records gain against US dollar

On Wednesday, the rupee inched higher against the greenback in interbank trading, according to Business Recorder. It closed at 277.36, a gain of Rs0.01, compared with 277.37 on Tuesday. Inter-bank bid and offer quotes for the dollar stood at Rs277.36 and Rs277.56.

Elsewhere, the yen held close to its highest level since February, keeping the dollar under pressure while oil neared $100 a barrel. Houthi strikes hit several Saudi cities, US forces targeted Iranian oil tankers, and Iran aimed at a US base in Jordan, widening the Middle East conflict. Some analysts attributed the dollar's softness to the yen's rapid climb over the past week, while the euro traded at $1.1631.

In the open market, the PKR lost one paisa for buying and was unchanged for selling against the dollar, closing at Rs278.22 and Rs279.06. Against the euro, the rupee's buying rate weakened by 41 paise and its selling rate by 22 paise, with closing quotes at Rs322.70 and Rs325.45. Against the UAE dirham and Saudi riyal, the rupee was firmer, gaining up to two paise on selling rates.