Rupee records gain against US dollar

Business Recorder reported that the rupee firmed slightly against the greenback in interbank trading on Thursday, finishing at 277.35. The local currency rose by Rs0.01 from Wednesday's close of 277.36. The change was small, but it extended a run of modest improvements for the currency.

Global currency markets were subdued as traders weighed another jump in oil prices and rising global bond yields. Benchmark 10-year Treasury yields climbed to their highest since 2023, while a buyback of longer-dated bonds disappointed. The euro traded at $1.1633 and sterling at 1.3547, while the yen eased to 153.70 as markets expect the Bank of Japan to raise rates next week.

Oil prices held steady after Brent crude moved above $100 a barrel, with traders preparing for further supply disruptions as Iran and the United States carried out their biggest attacks on shipping since their conflict began six months ago. Brent futures traded at $101.10 a barrel, while West Texas Intermediate stood at $96.24. Investors now look to US producer price and inflation figures, along with the Federal Open Market Committee meeting on September 15 to 16.