Rupee registers gain against US dollar

According to Business Recorder, the rupee strengthened slightly in the interbank market on Friday, ending the session at 277.16 against the greenback. That represented a gain of Rs0.01, after the currency had settled at 277.17 a day earlier.

Abroad, the dollar was headed for a second consecutive weekly rise, its first in over three months, supported by rising Treasury yields and expectations of more Federal Reserve rate increases. The euro slipped to $1.1370, a two-month low, while sterling hovered near $1.3220, a three-month low. Oil prices also dropped more than 1% as traders considered a possible US-Iran truce alongside fears of Houthi attacks on Saudi Arabia.

In the open market, the dollar was quoted at Rs278.12 for buying and Rs279.20 for selling, with both rates unchanged from the prior session. Against the euro, the rupee held steady on buying and gained Rs0.23 on selling, closing at 316.43 and 319.49. Against the UAE dirham and Saudi riyal, the rupee edged lower by small margins on both buying and selling.