Rupee records gain against US dollar

According to Business Recorder, the rupee strengthened against the US dollar in the interbank market on Tuesday. It ended the session at Rs277.21, appreciating by Rs0.01 from Monday's close of Rs277.22. Inter-bank bid and offer quotes stood at Rs277.21 and Rs277.41 respectively.

In the open market, the rupee gained 4 paisa on the buying side, closing at Rs278.19, while it lost 19 paisa on selling, closing at Rs279.26. Against the euro, the currency firmed by 22 paisa on buying and 30 paisa on selling, closing at Rs318.63 and Rs321.63. Changes against the UAE dirham and Saudi riyal were limited to a few paisa.

Globally, the Japanese yen weakened against a strong dollar, trading at 157.33 early on Tuesday. Oil prices fell to a two-week low amid a better outlook for Gulf supply, with Brent crude down 2.1% at $98.23 a barrel. The report also noted that bitcoin rose to an eight-month high above $87,000 as cryptocurrencies rallied.