Pakistan rupee records gain against US dollar

Business Recorder reported that the rupee edged higher against the US dollar in the interbank market on Tuesday, closing at 277.12. The currency gained Rs0.03 from Monday's settlement of 277.15, an appreciation of 0.01 per cent. The interbank bid was Rs277.12 while the offer stood at Rs277.32.

Open-market quotes showed a firmer tone, with the rupee gaining 12 paise on buying and 8 paise on selling, closing at Rs278.05 and Rs279.15 against the dollar. Against the euro, the local currency firmed by 76 paise for buying and 71 paise for selling, finishing at Rs315.51 and Rs318.65. Against the UAE dirham and Saudi riyal, changes were marginal.

Separately, Finance Minister Muhammad Aurangzeb met an IMF mission for an initial session on Tuesday, according to a Finance Ministry statement. Islamabad is hosting work on the fourth review of the Extended Fund Facility, alongside a third review of the Resilience and Sustainability Facility. Internationally, the dollar stayed near a two-month high as volatile oil prices and rising Treasury yields lent support, while Brent crude slipped 1.86 per cent to $103.32 a barrel. Markets now put the odds of a Federal Reserve rate hike by the end of October above 70 per cent, according to CME Group's FedWatch tool.