Rupee records gain against US dollar

According to Business Recorder, the rupee closed Monday at 277.31 against the US dollar in the interbank market, a gain of Rs0.01. The currency had finished Friday at 277.32, so the move was marginal. Interbank bid rates were quoted at Rs277.31 for the dollar, with the offer at Rs277.51.

Open-market quotes moved in both directions. The buying rate for the dollar eased by 3 paisa to Rs278.19, while the selling rate rose 8 paisa to Rs279.13. Against the euro, the rupee strengthened, with buying and selling rates falling to Rs320.60 and Rs323.94. Quotes for the UAE dirham and Saudi riyal also edged lower on the buying side, at Rs75.63 and Rs73.94 respectively.

Internationally the dollar was steady as investors weighed possible rate increases from the Federal Reserve and the Bank of Japan this week. Traders priced in an 86% chance of a Fed hike, according to the CME FedWatch tool, after US consumer prices accelerated in August. Brent crude climbed 3.1% to $107.82 a barrel as Houthi attacks on Saudi Arabia and Iranian strikes on Gulf ships added to supply worries.