Rupee records gain against US dollar

Business Recorder reported that the rupee edged up 0.01 per cent versus the dollar in interbank trading on Wednesday, closing at 277.27. That closing level represents a gain of Rs0.03 from Tuesday's settlement of 277.30. The interbank offer rate stood at Rs277.47 at the close.

The dollar's buying rate in the open market rose 4 paisa to Rs278.12, while its selling rate fell 18 paisa to Rs279.20. Against the euro, the rupee lost 9 paisa on buying and 35 paisa on selling, closing at Rs320.08 and Rs322.98. The rupee also weakened against the UAE dirham and Saudi riyal in the open market.

Globally, the dollar held close to multi-week peaks against major currencies before a Federal Reserve meeting, with a first rate hike expected and possibly several more. Traders reckon Warsh, picked by Trump to trim rates, will still need several increases to convince markets the Fed is committed to curbing inflation driven by the war with Iran and energy costs. Oil prices slipped after reports that Saudi Arabia was offering extra crude via Oman, with Brent crude down $1.30 to $107.45 a barrel and West Texas Intermediate dropping $1.96 to $103.87.