Rupee registers gain against US dollar

Business Recorder reported that the rupee strengthened slightly against the US dollar in the interbank market on Wednesday, ending the session at 277.20. The currency added Rs0.01 compared with Tuesday, when it had settled at 277.21. In the open market, the rupee gained 2 paisa on the buying side and 4 paisa on the selling side, closing at 278.17 and 279.22 respectively.

Globally, the dollar hovered close to a two-month peak on Wednesday, on expectations of further interest rate increases. Oil prices sat near a two-week low, with Brent crude futures at $100.58 a barrel by 1303 GMT after a $1.33 rise, as hopes grew for a diplomatic route to end the Middle East war. The euro was quoted at $1.1446 and sterling at $1.3337, while the dollar index measured 100.56.

Traders remain wary of possible intervention in the yen, which traded at 157.55 per US dollar. Attention is also on an upcoming talk between Trump and Chinese President Xi Jinping, which carries considerable weight for currency markets.