Rupee registers gain against US dollar

Business Recorder reported that the rupee firmed to 277.10 against the greenback in the interbank market on Thursday, a rise of Rs0.01. The local currency had settled at 277.11 on Wednesday. Interbank quotes stood at Rs277.10 for buying and Rs277.30 for selling.

Abroad, the US dollar hovered near a two-month high on Thursday, aided by higher US Treasury yields. US inflation for August came in below expectations and July's reading was revised lower, which trimmed bets on a Federal Reserve rate increase this month. Meanwhile, eurozone inflation climbed sharply, and the euro slipped to $1.1330 in early Asian trade after losing nearly 2.5% in September.

Oil prices gained about 2% on Thursday after China halted oil product exports, while the December Brent contract traded at $99.77 per barrel. In the open market, dollar buying and selling rates were quoted at Rs277.97 and Rs279.09 respectively.